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Saudi Arabia

Banks upgrade account security

A number of local banks have recently fortified electronic security measures in their systems as a precaution against account data leakage, banking sources told Al-Eqtisadiah newspaper.
These measures include reducing staff member access to the accounts of some government agencies as a precaution against hacking attempts that may compromise and abuse banking data.
In addition, banks have raised their internal governance mechanisms in order to achieve higher levels of quality assurance for the purpose of protecting the customer confidentiality and in order to block hacking or spyware attempts.
"It is now high time that Saudi banks intensify their security measures to protect the privacy and confidentiality of their customers' accounts. These are internal measures implemented in accordance with the highest standards," said Tal'at Hafiz, secretary-general of the Banking Media and Education Commission.
Ahmad Al-Mulhim, a banker, said that some banks limit the authority enjoyed by staff members of their staff as a precautionary measure.
Said Al-Shaikh, NCB group chief economist, said that these measures have no bearing on the level of customer service rendered by the banks.
Hassan Ash Shaqti, a financial journalist, said that toughening security measures at the banks is not a result of hacking attempts within Saudi banks. "It is simply an attempt to upgrade security in line with the latest international trends since our banks are responsive to these trends. They don't have to wait until they are hacked before they make a move," he said.

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