A Study into the Cybersecurity Incident Response Effectiveness of the Financial Sector in Oman

Abstract

Cyber risks in the financial sector present challenges for banks and financial services organisations worldwide, and this can be seen in the increasing number of attacks and financial loss values attributed to cyber enabled fraud. The problem for Central Banks and Financial Regulators in this trend is that the spread of cyber risks from the financial sector can present wider systemic risks to the stability of the economy, and the protection of Critical National Infrastructure sectors. The role of the Central Bank of Oman is little different to many other national central banks in protecting the financial sector and the Oman economy from stability risks. A key element in the protection of the financial sector is the creation of a robust and resilient cyber incident response.

A semi-structured questionnaire design was used to interview cybersecurity practitioners working at ten of the banks and financial institutions based in Oman. The data collected were transcribed and validated, and a qualitative methodology was used to analyse the responses and test the research questions that were set. The aim of the research is to improve the financial sector resilience by proposing solutions for the problems affecting the cyber incident response process. The findings revealed that resilience can be improved in the financial sector through the improved use of the cyber incident processes in use at financial institutions. Analysis of the results was used to formulate recommendations across the technological, organizational, legal and compliance, and knowledge management aspects of cybersecurity risk management with the aim of aligning best practices across the sector, thus building resilience and recovery into the financial system in Oman.

The research draws on current research, thinking and trends on cyber resilience and incident handling processes globally, and derives recommendations applicable to the financial sector in Oman. The implications of this research could also be extended to other critical infrastructure sectors to ensure the continued stability and prosperity of the region.

Date of Award	Dec 2024
Original language	English
Awarding Institution	Coventry University
Supervisor	Mujahid Mohiuddin Babu (Supervisor)