Oman – Banking and financial institutions licensed to operate in the Sultanate of Oman are now mandated to secure their operations, as well as critical assets, against cyber threats.
Under a new regulatory framework issued recently by the Central Bank of Oman (CBO), banks and financial institutions must meet a “set of minimum requirements” to build the resilience necessary to address and manage cyber-security risks.
Falling within the ambit of the new regulatory framework for cyber-security and resilience are banks, financing and leasing companies, payment service providers and money exchange companies, the Central Bank stated in a post.
The regulatory framework calls for security precautions to be structured under six key pillars, dubbed ‘Control Domains’: Governance, Compliance & Audit, Technology & Operations, Third Party Supply Chain Management, Online Financial Services, and Risk Management.
In its most recent Financial Stability Report 2023, the apex bank had warned that Oman’s financial sector, while having been spared any damaging cyber-attacks in recent years, still continues to be a potential target of cyber-criminals. Risk levels, it cautioned, are…
