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Tech meets finance, The ultimate power duo to combat cyber risks

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Mr. Alaa Al-Bahrani, Senior Manager of Information Security and Cybersecurity at Ahli United Bank, has emphasized the indispensability of aligning organizational objectives with information security to achieve the pinnacle of cybersecurity excellence. He underscored the imperative of prudent allocation of funds and resources, executed through efficacious strategies and pragmatic budget plans, to tackle cyber risks and ensure compliance with digital regulations.

Mr. Al-Bahrani stressed the need for optimal and effective measures to uphold robust cybersecurity standards, while adhering to digital regulatory mandates.

During his participation at a seminar that was orchestrated by NGN International, a Bahraini IT systems integrator and security services provider under the thought-provoking title of “How to secure a budget for cybersecurity”, he made a significant contribution to the audience’s understanding of the multifaceted and intricate landscape of cybersecurity.

The seminar, which formed an integral part of NGN’s Majlis activities, aimed to heighten the awareness of the numerous applications and practices of cybersecurity among a diverse range of entities from both the public and private sectors, emphasizing the crucial importance of these practices at all levels in today’s ever-evolving  digital landscape, characterized by incessant and relentless cyber threats.

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In his speech, Mr. Al-Bahrani expounded on the effectiveness of a concise, measurable, and well-defined cybersecurity strategy to prevent counterproductive tendencies in the cybersecurity budget plan. He also stressed the substantial ramifications of cybersecurity in the modern corporate world, where the adoption of a proactive cybersecurity plan and budget is a crucial security measure to safeguard an organization’s digital sphere.

“The implementation of effective cybersecurity measures cannot be approached with a homogenous strategy that applies uniformly to all organizations, but rather, should be tailored to fit the specific financial capabilities of each individual company. This is crucial to mitigate the risk of debilitating cyber-attacks that may impede the smooth and efficient execution of critical business operations, and compromise the quality and accessibility of indispensable services.” According to Mr. Al-Bahrani

“Owing to the proliferation of technology and the ubiquity of the internet, a diverse range of security concerns have surfaced across both domestic and international businesses and institutions. Among these are unauthorized access, malware assaults, data breaches, service disruptions, and phishing attacks, which have grown increasingly frequent over the past few years and pose significant risks to the integrity of vulnerable firms’ devices and systems.”

Mr. AlBahrani emphasized the imperative of a robust cybersecurity system tailored to the company’s specific needs for safeguarding software, networks, information, and other data. He stressed the importance of forging close collaborative partnerships between the firm’s technology experts and managerial accounting consultants to effectively confront cyber threats. To combat these challenges, the Information Technology and Security Department should undertake meticulous technical and financial planning to allocate resources towards cyber solutions. “Given the current economic climate and the proliferation of fraudulent activities and cyber criminality, it is imperative that institutions establish a robust technology infrastructure and cultivate a cadre of skilled professionals who can competently provide enterprises and individuals with the necessary cybersecurity tools to effectively safeguard themselves and their organizations against cyberattacks. Such an approach is critical for mitigating the escalating risks posed by the ever-evolving threat landscape, which continues to grow in complexity and sophistication. By prioritizing investment in technological and human resources, organizations can proactively respond to emerging security challenges and safeguard their critical assets from the perils of cybercrime.” Mr. AlBahrani concluded.

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