MUSCAT, 07 October 2019
Bank Muscat, the flagship financial services provider in the Sultanate, has joined hands with the Information Technology Authority (ITA) to improve cybersecurity measures. The bank is taking part in a series of Cybersecurity events that are being organised by the ITA later this month including the 8th Regional Cybersecurity Summit, FIRST & ITU-ARCC Regional Symposium for Africa and Arab Regions and the 7th Regional Cyber Drill.
Earlier in September, Bank Muscat took part in the Cybersecurity Readiness drill, which was held under the theme “Intelligence of Malware”. The drill was organised by the National Computer Emergency Readiness Team (OCERT) to assess cybersecurity readiness in OIC countries and saw the participation of 14 countries including Brunei, Egypt, Indonesia, Malaysia, Morocco, Nigeria, Pakistan, Tunisia, Jordan, Sri Lanka, Azerbaijan, India, Mauritius, Rwanda, and Bangladesh.
The drill was organised by ITA for the second year in Oman and comes in line with the latest malware developments and the evolution of the intelligence and threats associated with it. A number of scenarios were implemented to simulate the process of penetration of systems programming companies. These malware target organisations and individuals by embedding malicious software inside the code of industrial-control systems. The drill also conducted simulation for cross-border cooperation in mitigating cybersecurity incidents.
The bank’s active participation in the drill is a continuation of its policy of using cutting-edge technology to further enhance banking convenience and ease of use while at the same enhancing security for all its stakeholders, particularly customers. Bank Muscat offers innovative technology-driven banking products and services, especially electronic payment and web-based services, in tune with Oman moving towards a cashless society. The bank’s online and mobile banking platforms have been upgraded significantly, resulting in an increase of active users. Hence, security of all transactions is of the highest priority to the bank.
Bank Muscat has been part of a number of anti-fraud awareness campaigns in the past whereby the bank has sought to educate and sensitise the general public with information that will enable them to easily recognise fraudulent practices. It will also educate people to always verify who it is they are dealing with before doing a transaction as well follow digital safety best practices.
Bank Muscat plays a systemically-important role in supporting the National Economy through its various activities and contributions. The Bank also joins hands with different ministries, government departments and non-profit institutions help implement programmes and initiatives that support different sectors as a responsible corporate citizen that contributes to the nation’s progress and development.
The Bank’s strategy has been to always take advantage of cutting-edge technology to bring progress and development to all while avoiding pitfalls. By participating in cyber drills and enhancing awareness of its employees and customers, the bank constantly ensures highest possible security of all transactions in a manner that benefits all its stakeholders.