NGN Majlis Experts: Unleashing Bahrain’s Fintech Potential Hinges on Cybersecurity

During a session titled “Cybersecurity Framework for Fintech in Bahrain,” hosted by NGN International, a leading IT Systems Integrations and Managed Cyber Security Company, experts emphasized the importance of bolstering the Kingdom’s leadership in the field of financial technology.

They highlighted the simultaneous progress made by Bahrain in the realm of cybersecurity, emphasizing the interconnected nature of these two areas. The experts stressed that an advanced financial technology industry requires state-of-the-art technical systems to ensure the protection of all customers, whether individuals or companies.

The session attracted a distinguished group of cybersecurity experts, along with leaders from the information security, technology, and ICT sectors. This event was part of NGN’s Majlis activities, aiming to raise awareness about cybersecurity.

The session was moderated by Mr. Salah Albenjasim, a Cybersecurity PhD Researcher, and featured several cybersecurity and IT experts, including Mr. Alaa Albahrani, Senior Manager of Information & Cyber Security at Ahli United Bank, Mr. Hasan Muhi, Information Security Management/BCP Officer at KFH, and Mr. Fawaz Ghazal, Chief Executive Officer of FLOOSS.

Held at the Ritz-Carlton Hotel, the session covered various significant topics related to cybersecurity in the fintech sector. These included the challenges faced in maintaining the security of sensitive data and information, the application of fintech practices to combat emerging cyber threats like ransomware, cyber intrusions, and malware, and the significance of collaboration between companies, regulators, and academia in developing innovative cybersecurity solutions and enhancing security standards in the fintech.

During the session, the speakers emphasized the rapid growth of the fintech in Bahrain and highlighted the Kingdom’s initiatives aimed at establishing itself as a leading Gulf hub for innovation and finance. They also discussed the potential for increased opportunities in fintech projects and digital financial institutions as a result of these initiatives.

The speakers emphasized the significant shift in the cybersecurity industry from reactive to proactive security measures. They highlighted the importance of investing in prevention and detection strategies to thwart malicious cyber-attacks before they happen, rather than solely relying on reactive approaches. They specifically mentioned that artificial intelligence (AI) can play a crucial role in this transition by analyzing data patterns to identify imminent attacks and trigger timely alarms.

Furthermore, they pointed out that the escalating frequency of cyberattacks necessitates the implementation of enhanced security measures. They stressed the importance of developing a comprehensive framework that incorporates new technologies and protocols to safeguard the data and systems of all companies, particularly those in the fintech sector.

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