Seetharaman: Cyber-security should be part of strategic technology discussions

Cyber-security should be part of strategic technology discussions at the board level and also sustainable development agenda, according to Doha Bank group chief executive Dr R Seetharaman.Addressing the fourth annual Information Security Conference for the Financial Sector, organised by the Qatar Central Bank, he gave insight on the recent corporate governance developments and how cyber security is critical element of corporate governance.

 

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Seetharaman addressing the conference in Doha.

“As part of Abenomics, the Japanese government is implementing corporate governance reforms, notably for bringing outside directors to corporate boards. Such reforms can improve the country’s business climate for foreign and domestic investors,” Seetharaman said. As innovation, emerging technologies and cyber-security become increasingly important in a digital world, boards of directors are asked to have a broad IT perspective in their oversight role, he said, adding cyber-security should be part of strategic technology discussions at the board level.

Highlighting that the boards should understand the potential severity and damage a cyber-breach can do and how they can better handle on how to oversee cyber security issues, he said “cyber-security risk management should be part of sustainable development agenda.” “The digital ecosystem expansion has resulted from developments such as artificial intelligence, block chain, Internet of things, open banking APIs and even robotics.

However there are Vulnerabilities due to exponential growth in digital ecosystem which highlights the importance of cyber-security,” he said. He said QCB has released its IT Security Strategy and Technology Risk circulars, which will provide directions for the banks to build their strategy while adopting advanced technologies. It also took the initiative for formation of Banking CIRT (Critical incident response team), which will act as platform for sharing of security incidents and enable quick response for its members. “Qatar has brought cyber-crime prevention laws, data privacy law, monitoring bank websites and alert on probable cyber-attacks in the country,” according to Seetharaman.

 

Sources and Photo-credits: Gulf Times