Fawaz Ghazal, the Chief Executive Officer of the digital financing company “FLOOSS,” affirmed the significance of formulating strategic plans to address the escalating security challenges arising from the adoption of artificial intelligence technologies in the Fintech sector. He underscored the necessity of incorporating advanced cybersecurity protocols, implementing efficient risk management strategies, and consistently upgrading and enhancing cybersecurity technologies to effectively combat emerging threats in the future.
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.
“The advent of artificial intelligence technologies poses a significant challenge to cybersecurity within the financial services industry, as they can be illicitly leveraged to breach the confidentiality of sensitive information and financial data belonging to individuals and businesses. Consequently, it is imperative for companies to prioritize cybersecurity and adopt industry best practices alongside cutting-edge technologies to safeguard customer data and financial information.” According to Mr. Ghazal.
During his speech, Mr. Ghazal emphasized that enhancing cybersecurity within the financial services industry requires a comprehensive approach encompassing several key elements. He emphasized the importance of developing preventive procedures and measures, regularly updating cybersecurity technologies, and providing thorough training and awareness programs for both employees and customers. He stated that trust and transparency in financial operations are crucial factors for achieving stability within the Fintech system.
Furthermore, Mr. Ghazal delved into the analysis of tools available for effective detection and mitigation of cyber intrusions and threats. He discussed the latest advancements in artificial intelligence technologies and their impact on the Fintech industry. Additionally, he emphasized the significance of identifying and analyzing current and future security challenges, placing a strong emphasis on risk analysis. He also highlighted the need for designing strategic approaches and solutions to effectively confront these challenges, and the importance of evaluating existing solutions to safeguard financial data and information against cyber intrusions and attacks.