Most Arab banks expected to upgrade IT systems by 2005
Over the next few years, the majority of Arab banks are expected to upgrade their IT systems with on-line banking and e-security high on the agenda, according to Dr. George Kardouche, Chief Executive, Arab Bankers Association (ABA). Dr. Kardouche added that prior to the investments of banks in the field of IT, “they should look to benchmark their security requirements and outline a regional approach to prevent cyber banking crime.”
The first Arab E-Banking and E-Security Summit, ABTEC 2001, is to take place at the Emirates Towers Hotel, in Dubai on April 8-9. The summit is expected to draw 250 Arab, Islamic and international bankers and business executives, and is anticipated to be a major Arab banking community gathering in a probing e-banking conference.
ABTEC 2001 is being organized to gain a regional consensus in the approach to fighting cybercrime. Dr. Kardouche stated that “when criminals gain access to computer systems it can cost banks and companies, very dearly but knowledgeable precautions can keep cyber crooks at bay.”
ABTEC 2001 will assist banks in identifying the serious challenge of white collar fraud and the difficulties banks and businesses face in specifying ever-more complicated security systems.
"IT security does not only impact the financial sector, but also impacts everyday business strategy, e-commerce and competitiveness. It is no longer an issue only for specialists. For example, in the UK, directors of publicly-quoted companies currently have a legal responsibility to act on computer security. We envisage similar rulings being enacted throughout the Middle East and ABTEC will lead the debate,” added Dr. Kardouche.
"The latest e-security systems will be exhibited at ABTEC and will range from firewalls and encryption software designed to keep on-line transactions secure, to systems to trap viruses."
According to the ABA, Middle East businesses could end up spending $100 million within the next two or three years on beefing up their I.T. security systems.
ABTEC 2001 is organized by the ABA in partnership with www.sheikhmohammed.co.ae—the site which promotes Information Technology in the UAE. The conference will feature a host of expert speakers from the Middle East, Europe and the USA, and will feature a series of technology seminars devoted to E-Banking, E-Trading and Mobile Banking. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)