How Can We Prevent Cybercrimes in the Banking Sector?

Posted 2 years ago in Other.

Now a days the cyber-attack has increased as a result of the Covid -19 epidemic and the resulting market disruptions

How Can We Prevent Cybercrimes in the Banking Sector?

Cybercrime is defined as the use of a computer for illicit purposes such as fraud, trafficking in child pornography and intellectual property, identity theft, privacy issues, and so on. It entails spreading viruses, downloading data unlawfully, phishing, and obtaining personal information such as bank account numbers, among other things. If the fundamental parts of the crime include the words "computer" and "internet," it is classified as a "cybercrime." As a result, cybercrime is frequently referred to as "computer crimes." 

Key Indicators:

When it comes to cyber-attacks, the banking sector is without a doubt one of the most vulnerable, and such attacks have continued to rise year after year. The following are some of the most important measures that can be taken to avoid such crimes:

1. Putting in place robust company rules to ensure that consumer data is properly protected.

2. Ensure staff safety regulations are followed and suitable checks, such as user account verification, user login monitoring, and password security, are implemented to ensure responsibility.

3. Assigning each employee, a unique user and restricting the interchange of sensitive data.

4. Employees are not allowed to download or use any unapproved software.

5. Ensure that suitable approval protocols are in place, including at least two approval requirements for wire transfers, clearance transfers, and other types of transactions.

6. Increasing tech support and ensuring that all devices are properly protected by a firewall. Contacts from any prohibited domains would be blocked.

7. Employee training: Needless to say, the processes must be followed by the bank's general workers at the end of the day, thus ongoing training aimed at boosting knowledge and avoiding legal ramifications is essential.

 

Cybercrime is unlike any other threat, and the UAE Central Bank has developed a new 'networking and cyber security operation center' to meet the challenges ahead. The facility, which is based in Abu Dhabi, intends to improve the UAE's banking sector's IT infrastructure to better fight against cyberattacks. The banking sector has seen increased digitalization, which has made it more vulnerable to cyberattacks. The likelihood of a cyber-attack has increased as a result of the Covid -19 epidemic and the resulting market disruptions, with hackers attempting to exploit remote working weaknesses. According to statistical research issued by Compari tech, cyberattacks in the UAE could have resulted in a total loss of USD 746 million every year. The Cyber Security Centre intends to counteract the rising number of cyberattacks by defining best practices and recommendations for managing security threats and vulnerabilities, ultimately protecting the UAE's banking and financial system's digital infrastructure.

The Telecommunications and Digital Government Regulatory Authority developed the 'UAE Information Assurance Regulation' to provide requirements to raise the minimum level of protection of information assets and supporting systems across all entities in the UAE, in light of rapidly evolving cyber threats such as hacktivists and organized cybercrime groups that threaten national security and compromise critical information assets. The law aims to create a secure digital environment across the UAE. The IA Regulation establishes, implements, maintains, and improves information assurance through the management and technical information security measures. According to the UAE CIIP Policy, TDRA will designate critical entities to implement the IA Regulation and apply its requirements to the use, processing, storage, and transfer of information or data, as well as the systems and procedures utilized for these purposes. This includes data in physical or electronic form that the entities may own, lease, or otherwise have in their possession, custody, or control.

The IA Regulation, in an instance, states:

a) at the national, sector, and entity levels, an explanation of how information assurance is achieved

b) a risk-based approach to the IA's deployment

c) a description of key stakeholders' roles and duties in the planning, development, implementation, and continuous monitoring and improvement of IA

d) a reference list of common information security controls for defending against assaults that target known cyber security flaws

e) a realization of sector-specific objectives by providing specialized controls to fulfill sector-specific information assurance requirements

f) a phased approach to mitigate the most common challenges, promote progressive acceptance of IA, and maximize the value realized through IA implementation

g) a description of compliance from the standpoint of IA, as well as the approach that TDRA will use to assess compliance

h) To enhance information exchange and build national situational awareness, an enabler for inter-entity and cross-sector communication is needed.

 

Blackmailing using the internet

A cyber-blackmail awareness campaign was held in 2016 by the Dubai Police's Al Ameen service in collaboration with the UAE's Telecommunications and Digital Government Regulatory Authority (TDRA). The campaign aims to protect victims from blackmail by pursuing all offenders around the world and requesting that Interpol track down these criminals wherever they are. And also the victim should seek help from legal experts immediately.

Dubai's cyber security plan

The Dubai Cyber Security Strategy was launched by the emirate of Dubai, to bolster Dubai's position as a global leader in innovation, safety, and security. Building secure cyberspace by implementing rules to preserve data confidentiality, credibility, availability, and privacy is one of the plan's main domains. More information on the Dubai Cyber Security Strategy may be found here.

Putting cyber laws into effect

According to studies, cyber thieves prefer to operate in nations where cybercrime laws are weak or non-existent, as well as in communities where people are unaware of the issue. As a result, the UAE has enacted some laws and regulations to combat cybercrime.

The UAE has made it illegal to use the internet to invade another person's privacy, record audio or video conversations or communications, photograph or copy others, and publish news, statements, or information, according to Federal Law No. 5 of 2012 on Combating Cybercrimes and its amendment by Federal Law No. 12 of 2016. Infractions of the legislation will result in imprisonment and or a fine ranging from AED 500,000 to AED 2,000,000. Learn about the UAE's various cyber rules and regulations.

 

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akhil hobby

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