The Kuwait Clearing Company (Maqasa) and Thomas Murray today signed a Memorandum of Understanding (MoU) to deepen collaboration around cyber security, with the aim of strengthening cyber resilience in Kuwait’s capital markets with a programme to improve their cyber risk profile.
The programme will establish a baseline for cyber security in the Kuwaiti market and will take a community-led approach to engaging with market participants to monitor and enhance the security posture of the market.
Maqasa will deliver the programme in partnership with Thomas Murray, which will include:
- Regular cyber security training sessions and threat intelligence briefings for individuals and organisations across Maqasa’s membership;
- Leading-edge technologies to monitor and enhance the cyber security posture of market participants and systemically important companies; and
- Joint analysis of cyber threats to Kuwait’s financial services sector, identifying and mitigating key areas of systemic risk.
Mr Duaij Al-Saleh, Chief Executive Officer of Maqasa, said:
“In today’s digital age, the financial industry faces unprecedented challenges in safeguarding sensitive information and maintaining market integrity. As financial transactions increasingly occur online, the importance of robust cybersecurity measures cannot be overstated. Cyber-attacks pose a significant threat to financial markets, including the Kuwaiti market, jeopardizing the confidentiality, integrity, and availability of critical data. From ransomware attacks targeting financial institutions to sophisticated phishing schemes aimed at unsuspecting investors, the potential impact of cyber threats on the stability of financial markets is profound. Effective cybersecurity measures are integral to Maqasa’s strategy and vision. In cooperation with our partners at Thomas Murray, we aim to launch an innovative program that will propel the Kuwaiti financial market to become distinguished and advanced in the field of cybersecurity.”
Mr Simon Thomas, Executive Chairman of Thomas Murray, said:
“Financial market infrastructures have long played a key role in promoting asset safety to protect members, safeguard investors and secure economic growth; it is natural that they should now be taking a proactive approach to monitoring and mitigating cyber risk. Cyber threats are particularly acute in the GCC, where economic growth and rapid digitisation have coalesced to increase the risk from opportunistic and politically aligned threat actors. This collaboration is not just a signal that Maqasa takes these threats seriously – it is a pragmatic programme to mitigate cyber risk across the financial ecosystem in Kuwait. We are delighted to be Maqasa’s chosen partner to support the delivery of this innovative and ambitious programme.”
