I. Foreword

The State of Qatar is committed to enhancing cyber security initiatives in the financial sector. Large projects and investments are pushing the economy to compete with leading nations worldwide. In order to ensure its competitiveness and efficiency, the banking sector needs to keep up with the pace of technological evolution considering the current threat environment. Cyber-attacks threaten financial stability by disrupting the vital functions that the financial sector performs for the economy. As with financial risk, cyber risk can be amplified by the interconnectedness of the global financial system.

To this effect the Qatar Central Bank (QCB) has enhanced its modern technology and e-Banking services risks to address cyber security requirements. The bank should put a cyber security strategy in place to meet cyber security needs. Boards need to assure themselves that effective risk management arrangements are in place, having considered the threats, criticality of assets and likely cyber-attack scenarios. In the current threat landscape, boards have an enhanced role and a responsibility to provide confidence to investors, adherence to regulations, liaise with providers of cyber insurance and take steps to work towards minimizing potential litigants.

II. Purpose and applicability