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ARTICLE

Banking Sector: The Need for Stronger Data

Protection and Cyber Security Capabilities

ecent cybersecurity attacks have been cybersecurity preparedness, response, and
seen to focus on hacking personal resiliency across the industry sector.
Ror organizational data, and with the The Kingdom of Bahrain now considers data
current virtual living, it has exposed the data privacy and cybersecurity to be the pillar of
universe to the risk of data breach. World over, its economic success. In the recent years the
the visionary data protection authorities have Kingdom has enforced the Data Protection
noticed that the entities, people, and data are Law under Bahrain Law No. 30 of 2018 and
dominant factors of increasing the likelihood the regulator for banking industry, the Central
of cyber-attacks and 2021 saw an increasing Bank of Bahrain (CBB), have incorporated the
number of data protection bills and laws passed elements of data protection in their cybersecurity
across numerous international jurisdictions. risk management controls. One such big change
These data protection bills and laws emphasized was noticed when CBB amended its rulebook
that the organizations and individuals should volumes in July 2021 to expand the scope of
increasingly understand the value and relevance cyber security controls which are specific to
of protecting individual’s data. governance, monitoring and privacy.
Today’s technologies that are ubiquitous, To keep pace with the changing landscape,
interconnected, and allow easy access to the banking services providers should consider
the Internet have become deeply integrated an approach that is based on measuring and
in everyday life. This continuing evolution of planning for continual improvement in the areas
cyberspace, as a fully electronic world created of cyber security and privacy and incorporate
by interconnected networks in parallel with these areas in the cyber security strategy.
our physical environment, is characterized by They must also consider raising the level of
an enormous amount of data. The regulators preparedness and evolve into a new cyber risk
are also noticing these complexities and management paradigm that strives to achieve
have expanded the scope of their controls to fundamental qualities and secure the systems
monitor and protect the data flow through these through the design and implementation of
technology mediums thus attempting to reduce preventative, risk intelligent controls.
the risks of cyber-attacks. The strong leadership and team at Grant
Banking industry collects personal data and Thornton Bahrain bring deep experience
sensitive data and are also known for deploying and insight that builds on our Technology
the best safeguards to protect the data held with Advisory technical expertise. Our collaborative
them. But the same best protected industry is the culture enables us to bring this combination of
primary data breach targets due to the perceived capabilities to address the needs of our clients to
value of the underlying data in form of personally help create, protect, and transform value today,
identifiable information (PII). In addition, mobile so you have opportunity to thrive tomorrow.
apps, internet banking, reliance on big data
and the new technologies used in the industry An Article from Grant Thornton Abdulaal
increased the attack vectors and introduced
new vulnerabilities. The risk associated with the
technologies demand financial service providers Responsibility for opinions expressed and the accuracy of
to implement measures that shall improve their facts published in this article rests solely with the author.
32 Bahrain Banks Directory 2022