Emirates NBD accelerates spending on digital transformation, security

Hisham Mohamed, CISO of the financial institution's Egyptian arm, explains how the bank is integrating a new transaction platform into its IT infrastructure, and taking a more proactive cyberscecurity stance.

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Hisham Mohamed/Emirates NBD

Despite the coronavirus pandemic and its economic impact, Emirates NBD is sticking to its strategic plan to increase spending on digital transformation, particularly for cybersecurity -- one of the biggest concerns that banks have today.

A security breach can have negative consequences for private and corporate customers, but also the loss of reputation for the bank itself. Meanwhile, the pandemic has escalated the risk of malicious cyberattacks as organisations large and small increase their reliance on remote working and online services.

"Emirates NBD now spends more on resources dedicated to preventing cyberattacks" than ever before, says Hisham Mohamed, CISO at Emirates NBD Egypt. "This means that extra IT personnel is required, extra training for all staff and more resources allocated to analysing their cybersecurity and performing risk assessments. It also means that more robust policies and processes must be introduced."

The banking industry is one of the sectors most at risk for security issues, given the sensitivity of the data financial institutions hold. As a result, banks are investing more in developing their digital infrastructure in ways that strengthen their security and protect the data of the clients.

Bank takes a proactive approach to security

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