Hackers cost Arab banks $200 million

Published April 11th, 2001 - 02:00 GMT

Internet specialists have recently estimated the losses incurred by Arab banks as a result of hackering activities in the past two years, at nearly $200 million. During that period, firms operating in the Arab World allocated less than $100 million to secure their websites, according to Al-Sharq Al-Awsat newspaper. 


Although these losses are considered negligible, in comparison with worldwide hackering losses, industry experts warn that as stakes significantly rise in the near future, it is recommended that regional banks upgrade their weak electronic security systems. 


The Head of the Dubai police, Dhahi Khalfan Tamim, revealed at a two-day e-banking and security conference held recently in Dubai, that the UAE would soon enact a new law to fight such electronic and Internet offenses. — (Albawaba-MEBG)

© 2001 Mena Report (www.menareport.com)

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