www.bahrainthismonth.com business bites February 2021 31 One of the leading card processing services providers in the Middle East and Africa, SINNAD, signed its successful processing agreement with a Bahrain-based Islamic retail bank, Ithmaar Bank. The partnership intends to allow Ithmaar Bank to operate its cards services through unparalleled, state-of-the-art system and services, facilitating card processing businesses with ease and convenience. General Manager, Retail Banking Group, Mohamed Janahi said: “The Bank›s ambitions combined with SINNAD’s expertise in this field, shall enable us to introduce new products and services in a safer and more protected environment.” General Manager of SINNAD, Rana Almaeeli said: “Gaining one of the largest Islamic Banks in Bahrain on SINNAD’s platform is a major milestone in our strategic expansion plan. As we have always aimed to diversify our services, SINNAD has adopted all Sharia-compliant concepts to better cater to our banks’ needs through a wide variety of services and products.” A VALUABLE PARTNERSHIP Experts at the global cybersecurity company Kaspersky expect growing economic turbulence, along with the impact of COVID19, to contribute to an increase in cybercrime across the Middle East. These and other findings are documented in Kaspersky’s new report Kaspersky Security Bulletin: Cyber threat estimates for 2021 in META region. “Even though every country globally has had to deal with the pandemic in its own way, developing economies across Middle East have been especially hard hit by national lockdowns and limited business activity. Thanks to the increased connectedness of people, the rise in unemployment will not only see a spike in traditional crime, but this will also extend to the digital environment – something we are already seeing,” said cybersecurity expert for Kaspersky, Dmitry Galov. Adding further pressure to this melting pot of cyberattacks is an expected rise, along with changes in strategy, in Advanced Persistent Threats (APTs). Compounding this is the concern around hackers-for-hire and cyber mercenary groups targeting SMEs and financial institutions. The American Chamber of Commerce in Bahrain (AmCham) signed a Memorandum of Understanding (MoU) with the Entrepreneurs Organization Bahrain Chapter (EO) that aims to further the purpose of both organizations by combining their strengths and actively seeking avenues of cooperation amongst their esteemed members and extended circles to promote new relationships, innovation, and economic growth. This MoU was signed by President of EO, Mohanned Al-Anni, and President of AmCham, Qays Zu’bi. Also present to witness the signing were EO Board Members; Feryal Nass and Fareed Bader, and AmCham Executive Director, Mary McGinnis. GROWTH IN CYBERCRIME IN THE MIDDLE EAST Promoting Innovation and Economic Growth
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