Mr. Hasan Muhi, Information Security Manager and BCP Officer at KFH – Bahrain, emphasized the significance of utilizing blockchain technology applications to enhance cybersecurity in the financial technology sector. He highlighted the potential for improved security in financial transactions and protection against fraud and cybercrimes.
Mr. Muhi pointed out that blockchain technology offers significant security advantages by storing financial data in an encrypted manner across a network of devices, making it highly resistant to cyber-attacks.
This was stated during his participation in the seminar titled “Cybersecurity in Fintech in Bahrain,” organized by NGN International, a leading IT Systems Integrations and Managed Cyber Security Company. The seminar was part of the activities of NGN Majlis, which aims to raise awareness about cybersecurity in the kingdom and promote a better understanding of the subject.
“Blockchain technology represents one of the latest and most effective methods for safeguarding companies and institutions against the growing risks of cyber threats. These threats include data loss, unauthorized access, and data theft.” According to Mr. Muhi.
“Blockchain enables robust protection of data, financial transactions, and commercial operations, while facilitating controlled data access, enhancing transparency, and fostering trust among different parties involved. Thus, it serves as an innovative technology to enhance cybersecurity and optimize the financial and operational performance of institutions and companies.”
Furthermore, Mr. Muhi pointed out the significance of blockchain as a vital tool for improving cybersecurity in the Fintech sector through the utilization of “Smart Contracts”. These contracts can be programmed to execute financial transactions securely and reliably without the need for third parties, thereby reducing costs and mitigating risks associated with online financial transactions. Additionally, they enhance trust among various stakeholders involved in commercial and financial operations.
Mr. Muhi further underscored the pivotal role of cutting-edge cybersecurity applications fortified by artificial intelligence (AI) in bolstering institutions’ capacity to combat and respond to cyber threats effectively. These advanced applications facilitate early detection of threats, enable prompt and efficient response capabilities, and elevate overall cybersecurity levels. Given the escalating complexity of cyber threats, institutions are compelled to embrace sophisticated technologies that enable swift and effective detection as well as mitigation of attacks.