Cyber protection focus of Qatar Central Bank governor's speech

The cyber security of Qatar’s financial sector is the focus of the governor of Qatar Central Bank, Sheikh Abdulla Al-Thani.

Al-Thani highlighted the need for elevated cyber security, around the clock monitoring and a strategic plan to detect and -- worst case scenario -- react to a cyberattack on the country’s financial industry.

The need stems from the alarming fact that cybercrime is now the Middle East’s second most popular economic crime, the governor noted during a dean’s lecture at Carnegie Mellon University in Qatar.

“As the financial sector employs more and more sophisticated computing for big data analysis and financial transactions, leaders like his excellency are wise to consider ways to protect the industry and ensure a stable and healthy climate for business,” Ilker Baybars, dean and CEO of Carnegie Mellon University, said.

Attendees at the speech included Fahad Al Khalifa, CEO at Al Khaliji Commercial Bank; Christophe Payot, ambassador for the Belgian embassy in Qatar; and Dr. Ahmed Elmagarmid.

Furthermore, cooperation in the industries of education, scientific research and community development are the focus of a memorandum of understanding signed by CMU-Q and Qatar Central Bank in April 2016.