A survey of 350 people in Saudi Arabia identified risks of cybercrime for financial institutions and consumers. Regulators have launched new efforts to combat cyber criminals targeting critical assets in the country. The survey found that 30% of respondents encountered cybercrime in the past 12 months, only 12% frequently backup data, and 45% have installed antivirus software. Financial institutions, regulators, employees, and customers must work collaboratively to form strong defenses against sophisticated cyber criminals through risk management and increased cyber awareness.

1. RISK FACTORS FOR THE SAUDI CONSUMER
CENTRAL BANKS
?
Credit Card
Survey sheds light on
SaudiArabia’s evolving online
& mobile banking risks
FINANCIAL INSTITUTIONS
Financial services are the most lucrative target for cyber criminals.
A financially motivated attack is reported every 14 seconds in the GCC
countries alone, according to the Saudi Arabian Monetary Agency.
Regulators have launched new coordinated efforts in the battle against
cyber criminals targeting critical assets in the Kingdom of Saudi
Arabia. Booz Allen Hamilton believes these kinds of joint efforts,
driven by new regulatory policies, are essential to raise
awareness and make users more vigilant about security.
A survey of 350 people in Riyadh, Jeddah and Dammam
identified potential vulnerabilities and some ways to
protect financial services from hackers.
Booz Allen Hamilton works with institutions and
governments throughout the Middle East to help
identify and neutralize the growing cyber threat.
www.boozallen.com/international
Collaborative Action. Regulators, banks,
employees and customers all have a role to play
in forming the first line of defense against the
sophisticated cyber criminal. Enterprise Risk
Management and robust controls are needed
along with greater cyber awareness and
vigilance across all participants and channels
in the Kingdom of Saudi Arabia.
THREAT ACTORS
How to
embrace
the evolving
security
realities?
Insider State ActorsAffinity GroupsHacktivistCriminals
ACCESS
#OOOOO
People Practices Technology
Online
Banking
Mobile
Banking
Phone
Banking
Core
Banking
Encountered
Cyber Crime in
Past 12 Months
30%!
Backup Data
Frequently
12%
Have Installed
Anti-Virus Software
45%
PC Malware
ONLINE RISK:
Unsecure Access
SMART PHONE RISK:
Lost Device
TABLET/LAPTOP RISK:
Shared Account Info
TELEPHONE RISK:
Lack PC Hygiene
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40%
Use Internet Daily70%
More Women Use
PCs than Men
60%
Seriously Concerned
with Malware on PCs
35%
Use Smart Phones
to Access
Use Public Network,
for Access
83%
47%
Use for Online
Banking
64%
Use for Social
Media & Email
90%
More Concerned with
Loss of Private Data
65%
Misuse of
Personal Data
25%
Prefer two Factor
Authentication
80%
Password Theft6%
SAUDICONSUMER
CONCERNS&INSIGHTS