Qatar Central Bank has developed a cyber-security strategy for the financial sector in the country through encrypting the databases and updating the servers of the national payment gateway and associated security standards.
Cyber-attacks threaten financial stability by disrupting the vital functions that the financial sector performs for the economy, QCB has said in its latest 9th Financial Stability Review.
“As with financial risk, cyber risk gets amplified due to the inter-connectedness of the global financial system,” QCB said.
QCB has also issued a comprehensive cyber security circular to provide guidance to bank users, employees, contractors and other authorised users in Qatar, of their obligatory requirements for protecting the technology and information assets of the bank. The cyber security guideline, it said provides measures of how the information assets can be protected by implementing controls on these assets.
“Banks in the State of Qatar are required to comply with the requirements of the circular and accordingly, implement a cyber-security framework to ensure alignment with the requirements of the circular.
“Banks are also advised to plan for their business continuity and disaster recovery,” QCB said in its comprehensive review of Qatar’s financial system in 2017.
The data back up plans and other contingency measures taken by the banks are continuously monitored by QCB. An annual assessment for compliance to the requirements of this circular is being done by QCB.
According to the review, the performance of Qatar’s economy during 2017 has been characterised by its stable and robust nature. The economy quickly rebounded from the unjust economic blockade through relocation and realignment of economic activities, enabled by prudent economic policies and a sound financial system.
Through the annual publication of Financial Stability Review (FSR), Qatar Central Bank provides an annual assessment of financial sector’s risks and vulnerabilities for the public.