By Sachin Kumar
DOHA: Qatar is keenly interested in developing economic projects that are carried as per international standards and best practices said Prime Minister and Interior Minister
H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani. He was speaking yesterday at ‘Information Security Conference For The Financial Sector’ organised by the Qatar Central Bank (QCB) at Ritz-Carlton Hotel here.
“The government is keenly interested in developing economic projects that are carried as per international standards and best practices to fulfil Qatar National Vision 2030,” Prime Minister said in his opening address.
Economic growth and development is part of Qatar’s priorities to achieve all its strategic goals as per the national vision and one of the targets is developing the financial sector according international practices and standards. Qatar provides support and facilities to achieve these goals, he said.
Qatar’s strategy is to build a strong, vibrant and diversified economy based on sustainable development by setting a modern infrastructure to serve all sectors.
Qatar reiterates its aim to develop the financial sector and protect vital data. A number of laws have been issued to regulate this sector and achieve goals of the legislations like electronically linking all state apparatuses using the latest systems and devices, the Prime Minister said.
Qatar gives importance to security of data and it will continue to do it best to provide services to citizens according to the latest standards. All sectors must co-operate, co-ordinate and work jointly to achieve these goals. “We have formed a supreme committee to ensure security and protection of data in the State along with representatives from the financial sector that specialises in developing an comprehensive and integrated strategy and oversee its implementation in the country,” he said.
The two-day conference aims to shed light on information and its challenges and improve infrastructure security.
Speaking at the opening ceremony, QCB Governor H E Sheikh Abdullah bin Saud Al Thani said that the security and protection of information is its top priority because of its significant impact on the reputation of the entire banking sector. Cyber crimes have significant impact on the economies. He added that all the concerned authorities and experts around the world should work together to find solution for threat of cyber crimes.
“Liquidity is very comfortable at the moment. I do not see there is a need of any intervention at the moment. The interest rate in the US might in the future go up and that will give us a chance to review monetary policies, which will be based on the condition of the market at that time,” he told reporters on the sidelines of the conference. He added that the recent reduction in the size of Treasury bill issues was not a sign of tightening liquidity. “The drop from QR4bn to QR2bn in Treasury bills is not a sign of anything, it’s just trying to base the quantity of Treasuries to smooth the yield curve. It’s not a sign that there is no interest, it has nothing to do with liquidity,” he said.
H E Dr Hessa Sultan Al Jaber, Minister of Information and Communications Technology said that the research estimates that cyber-crime cost the world an estimated $400bn in 2014. This is a figure that is greater than the GDP of more than 84 percent of countries across the globe. “While Qatar has made great strides in developing and implementing Cyber security standards and requirements, it is important for the financial services community to understand cyber security is not solely concerned with compliance with financial regulations or government and industry regulations and standards. Meeting these standards represents a starting point rather than a destination. In the end, any organisation cannot effectively implement cyber security controls unless they truly understand what needs defending the most, to which the answer is not everything,” she added.
The Group CEO of Qatar National Bank (QNB) Ali Ahmed Al Kuwari said that the issue of information security has topped priorities of companies and institutions of all kinds around the world. He pointed out that such e-threats are not directed against a particular country or a particular institution, but unfortunately targeting everyone and has become a fact of everyday life.
The Peninsula
