Cisco to discuss cybersecurity for financial institutions at ISFS 2016

The ISFS 2016 will be held on 1 November at Sheraton Doha.

Consulting, Cyber crime, Law and regulation

Cisco has announced its participation in Qatar Centra Bank's third annual conference for Information Security in Financial Institutions 2016 (ISFS 2016).

The conference will address information security in the critical financial services sector and the challenges it faces, and shed light on the required infrastructure improvements and the role played by cooperation and preemptive moves in electronic protection.

Cisco's "Cybersecurity as a Growth Advantage" report surveyed 1,014 senior finance and line-of-business executives globally and found that 71% agreed that cybersecurity risks and threats hinder digital innovation in their organisations. Another 39% of respondents said they've halted mission-critical initiatives due to these concerns and 60% admitted their organisations are reluctant to innovate in areas such as digital products and services because of the perceived risks.

Ziad Salameh, managing director-West Region, Cisco Middle East, said: "Cyberattacks against financial services firms are more frequent, more sophisticated and more widespread than ever before. And there is no slowdown in sight. As financial services firms move towards digitisation and adopt new ways of supporting customer interactions, the attack ‘surface' grows in size.

"Professional hackers are rapidly adopting new forms of attacks such as spear phishing, ransomware, massive data theft and mobile malware. To combat today's advanced attacks, financial firms need a threat-centric approach to security that provides continuous protection not just before an attack happens but also during and after an attacker or malware penetrates the network."

At the ISFS 2016, Scott Manson, cyber security leader for Middle East and Turkey at Cisco, will address issues related to digital transformation and how enterprises are exposed to increased risks in the cyber domain which require a highly robust and secure network infrastructure that is simple, automated and open.

The ISFS 2016 will be held on 1 November at Sheraton Doha.

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