Cyberattacks On The Rise

by BTM

Sun, 07 May 2023

Chief Financial Officer at The Benefit Company

Chief Financial Officer at The Benefit Company, Layla Alqassab, has emphasised that security threats within banks and financial services companies were progressively expanding due to technological advancements. Hence, enterprises that are at risk are urged to deploy necessary cybersecurity measures.

This was stated during Ms. Alqassab’s participation as a key speaker in a seminar organised by NGN International, a Bahraini IT systems integrator and security services provider, to promote cybersecurity awareness among public and private sector entities. 

“An organisations teams which are responsible for technology, information security and finance must have a thorough grasp of one another’s roles and responsibilities. As a result, there will be a certain level of integration between the two departments, which will enable them to work together on problems and challenges that demand simultaneous financial and technological involvement,” she says.

According to Ms. Alqassab, research by the International Monetary Fund indicates that by 2025, cyberattacks will cost the world’s banks nine percent of their total global revenue, or USD100 billion. “When it comes to cybersecurity, we are talking about enormous potential risks that could completely devastate the organisation. As a result, every organisation or startup needs to allocate a suitable budget for cybersecurity,” she concludes.