Mideast ‘biggest target’ of cybercrime
Friday, 04 05 2019, Category: Banking, Country: Middle East
The Middle East is considered the most-targeted area in the world in terms of cybercrime and loss of data, Joseph Torbey, president of the Association of Banks in Lebanon and chairman of the World Union of Arab Bankers said Thursday.
“The Middle East is one of the world’s most-targeted areas of cybercrime and data loss.
“In the event of an online attack that leads to the loss of personal data of any EU citizen or entity affiliated with the European Union, and if these institutions have not complied with the general data protection regulation, or have not reported infringements according to a Thomson Reuters report in March 2019, these entities will be subject to severe penalties,” Torbey said in his speech at the opening of the Arab Banking Compliance Forum.
Torbey stressed that Arab banks needed to be fully alert to the dangers of cybercrime and the loss of sensitive data.
“All Arab banks and financial institutions dealing with personal data of EU citizens should take appropriate measures in line with the provisions of the Public Data Protection Act, with significant changes in the way sensitive personal data is stored, processed and disseminated,” Torbey added.
Torbey said a data protection officer should be appointed in the compliance units of financial institutions and banks.