Arab banks 'need legal framework to fight cybercrime'

[InfoSec News <isn () C4I ORG>]

http://www.gulf-news.com/Articles/news.asp?ArticleID=11214

Dubai | By A Staff Reporter | 06-03-01

There should be a regional benchmarking of security measures to
counter cyber banking crimes, according to the head of the Arab
Bankers Association (ABA). "Security and the prevention of cybercrime
are the keys to the success of e-business. The banking sector now
recognises the serious issues emerging from this technological
revolution, as well as the need to create, as soon as possible, the
framework and legislation for cooperation," said George Kardouche.

"Recent cyber attacks on several financial websites, including that of
an Arab Central Bank, illustrate the importance." A legal e-security
framework would enable Arab banks to play a greater role in the global
IT revolution and cope with competition resulting from globalisation.
"Global competition requires all financial market players to implement
strategies for integrating new technologies while ensuring transaction
security for their clients," Kardouche said.

The First Arab E-Banking and E-Security Summit (Abtec 2001) is being
organised by the ABA in partnership with www.sheikhmohammed.co.ae .,
the Internet site which promotes Dubai and IT in the UAE. More than
250 Islamic, Arab and international bankers are expected for the event
which opens on April 8.

"It is our objective to make this conference an open forum for
discussion of future trends in Arab e-banking by the Arab banking and
business community, and to explore the technology which will secure
their e-business strategies for both traditional commercial banking
transactions as well as investment transactions."

Abtec will also focus on global strategies for fighting banking crime
in a virtual world. "Arab banks must work in tandem with international
law agencies and security services to design preventive measures and
effective enforcement procedures. We will also explore the concept of
a regional security benchmark standard to which the banks can
subscribe, and by so doing, give additional confidence to their
clients."

A series of seminars on e-banking, e-trading and mobile banking will
be held simultaneously with the two-day event. The Arab Bankers
Association was founded in London in 1980 as a non-profit organisation
aimed at promoting the professional interests of Arab bankers in
Europe and the Middle East, providing services to the Arab banking and
financial community and enhancing their awareness of the business
impact of emerging developments.

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