Why cyber resilience is becoming top priority for Saudi banks

Inadequate cyber security has long been a threat to the banking industry, costing the banks revenue losses and reduced consumer trust. 
In the face of this growing concern, banks across KSA have been increasingly investing in technological advancements in order to adopt a proactive approach to cyber security. Supporting this, the Saudi government's expansionary vision and digital transformation plan of Vision 2030 looks at investments and opportunities in banks for technological advancements. Vision 2030 marks a decisive point to advance Saudi Arabia's financial sector - a critical ingredient to country's economic transformation. As a result, the cyber security market in Saudi Arabia is expected to reach $3.48 billion in 2019 from $1.51 billion in 2013 growing at a CAGR of 14.50%.
Powered by Trend Micro, FutureSec Summit 2019 - Saudi's first ever Banking Information Security Summit, organised by Khaleej Times, brings together security leaders at the forefront of protecting critical bank information and driving technology implementations for their most critical security initiatives.
"Khaleej Times is organising the FutureSec Summit in line with Saudi Vision 2030, which marks a step towards protecting the Kindgom's digital transformation initiatives through technological innovations. With KSA ranked as the top digital banking market in the Mena region, it is imperative to undertake concrete steps to ensure that we're equipped to deal with the growing threat of cyberattacks, which is becoming a bigger menace for banking than bad debts. Deterring cybercriminals from 'laughing all the way to the bank' will be on the agenda when Khaleej Times brings together top industry solution providers and technology innovators to meet with 150+ banking leaders & stakeholders from over 10+ countries," said Vicky Kapur, Executive Editor, Khaleej Times.
Speaking on combating cyber risks in a rapidly changing IT landscape, Dr. Moataz bin Ali, VP of Middle East and Africa said "Digital transformation across Saudi Arabia's banking and finance sector is giving rise to progressive IT environments, that are vulnerable to cyberattacks. Security can no longer be a reactive measure. Banks have to look at implementing a comprehensive strategy that protects its data, and a layered approach to security is what Trend Micro recommends. We help protect some of the leading financial institution in the world, and with the pressure on Saudi banks to deliver on global excellence, keeping their IT environment secure has to be the top priority."
Trend Micro is a leader in hybrid cloud, endpoint, and network security solutions. For over 30 years, Trend Micro's unwavering vision has been to make the world safe for exchanging digital information.
Scheduled for 17-18 April 2019 at Movenpick Hotel, Riyadh, KSA, the summit will bring together the banking information security leaders from KSA and worldwide.

• UAE