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Seminar sheds light on effective electronic transfer security

MUSCAT — An ‘Electronic Transmission Security’ seminar was presented by Dave Marsh from the UK company, Mustard, in association with Chris Magness of the International Qualification Centre at Grand Hyatt on Tuesday.

Hamood Sangour Al Zadjali, executive president of the Central Bank of Oman, graced the occasion.

Dave outlined how effective electronic transfer security depends upon numerous security facets including network security, system security and payment gateway security.

Electronic crime is often done internationally, because criminals know that international policing can be challenging and ineffective. Multiple countries complicate matters as it is unclear which country should prosecute the perpetrator, the country where the crime has been committed or the country where the preparatory resides.

Dave highlighted how his company has identified critical vulnerabilities in a number of payment systems during security audits, thereby, saving organisations potentially millions of pounds that could have been lost through fraud.

Dave stated how well-written security policies, based on international standards such as ISO27002, PCI DSS and SOX are often the foundation for best practice in information security.

A major security incident often builds up with a sequence of smaller incidents, any one of which may seem innocuous on its own but, when combined, can result in the development of a major issue.

The tremendous growth of Internet applications has exposed security weaknesses, which, if not addressed, can have serious repercussions for information confidentiality and integrity.