Fintech drives GCC cybersecurity market to $8 billion

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From facial recognition and iris scans, to crypto currency, the UAE’s banking and finance security innovation is driving the GCC’s cybersecurity market to $8 billion in 2018, industry experts announced today.

UAE banks are rapidly deploying multi-factor authentication to confirm a person’s identity, with several factors, such as a smartphone, a password, and a facial scan. The Emirates Blockchain Strategy 2021 could also see digital banking transactions on bitcoins, based on the secure digital ledger technology called blockchain.

As more regional organisations invest in cybersecurity, the UK-based market research firm Visiongain predicts the GCC’s cyber security market will top $8 billion in 2018.

At the heart of financial technology cybersecurity strategies is organisation-wide digital transformation and information management, argues the UAE-based IT infrastructure and information management consultancy and solutions provider Condo Protego.

“The UAE’s financial sector has always been at the forefront of innovation. Multi-factor authentication should include an object, a fact, and a person, and is the next step for banking and finance organisations to defend against cyber-attacks and secure transactions,” said Andrew Calthorpe, CEO, Condo Protego.

“Banks need to place the trust of their customers and employees front and center. Channel partners play a key role in supporting banks with unified tools and processes to securely store, manage, and access customer data at all times, locations, and devices,” added Andrew Calthorpe.

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