Importance of increased investments in cybersecurity stressed

Manama, Sept. 18 (BNA): Stressing the importance of increasing cybersecurity investments to protect government, private institutions and infrastructure from any technical threats, CEO of NGN Mr Yaccob Al Awadhi said: "400 financial institutions ranging from banks, insurance companies to finance portfolios are facing Internet hackers’ threats." "According to the International Telecommunication Union (ITU), Bahrain has been ranked first among Arab Countries and 13th globally for being in the forefront in implementing ITU’s recommendations to adopt best international practices. Cybersecurity is important aspect of the dynamics as it helps overcome complex technical, economic, social and cultural challenges,"  Mr AL Awadhi added. Mr Al Awadhi also stressed the importance of cybersecurity by saying that its reach and impact are increasing in Bahrain, more so with the country’s commitment to accelerating the transition to cloud system, which will provide new opportunities for companies offering products that guarantee security of cloud-based software and infrastructure. In this regard, NGN intends to strengthen its work with international cyber security services companies such as Kaspersky and Vectra, which provide services to enhance the protection of networks and IT systems, all the while operating technology systems and components of hardware and software. Mr Al Awadhi stressed that the need for cybersecurity companies in the region was more urgent than ever, pointing that cyber-attacks cost 57% of Middle Eastern companies more than US $ 500,000 compared to 33% worldwide. He pointed out that there were great opportunities to invest in cybersecurity in Bahrain, saying that security investments in the Middle East will grow at a rate of 14.2% annually over the next five years. He was referring to a study by PricewaterhouseCoopers for the Middle East for Cybersecurity.  Only 37% of companies in the Middle East and North Africa have a comprehensive programme of security awareness and training compared to 53% globally. "Cybersecurity sector provides quality opportunities to Bahrainis, with more than 900 annual graduates in ICT courses, competitive workforce, universities or technical institutes offering ICT courses such as Polytechnic, BIBF, and Bournemouth University In collaboration with the Gulf Academy," he said. He explained that the Gulf region had a wealth of active infrastructure and financial institutions, industrial and service making it a prime target for internet hacks and threats. In this regard, he pointed to the Cyber-attack on Saudi Aramco "Shamoon" in 2012. He also pointed to the biggest ATM robberies in the region in 2013, where UAE and Oman’s banks lost more than US $ 45 million, stressing that it was so crucial that a royal order was issued in Saudi Arabia to establish an independent body "National Commission for Cybersecurity". Cyber security is the sum of the technical, organizational and administrative means used to prevent unauthorized use, misuse and retrieval of electronic information to ensure availability and continuity of information systems. It also paves the path for enhanced protection, privacy and privacy of personal data to protect citizens and consumers from risks in cyberspace.