An Analysis of Cybersecurity Threats and Countermeasures in the Kuwaiti Banking Sector

Abstract

The Kuwaiti banking sector has increasingly become a target of cyber-attacks due to the sensitive information it holds and the significant financial transactions it facilitates. Cybersecurity threats pose a significant risk to the stability of the Kuwaiti banking sector and could lead to significant financial losses, reputational damage, and a loss of customer trust. Therefore, this study aims to analyze the cybersecurity threats and countermeasures in the Kuwaiti banking sector.
This study uses a qualitative research approach, and data was collected from interviews conducted with cybersecurity experts in the Kuwaiti banking sector. The interviews were designed to collect information on the types of cybersecurity threats faced by the Kuwaiti banking sector and the countermeasures used to mitigate these threats.
The findings of this study indicate that the Kuwaiti banking sector faces various cybersecurity threats, including malware, phishing attacks, social engineering, insider threats, and distributed denial of service (DDoS) attacks. Additionally, the study found that the Kuwaiti banking sector has implemented several countermeasures to mitigate these threats, including firewalls, intrusion detection and prevention systems, access control mechanisms, and employee training and awareness programs.
The study also found that the effectiveness of these countermeasures varies depending on the type of threat faced. For instance, firewalls and access control mechanisms are effective in mitigating DDoS attacks, while employee training and awareness programs are effective in mitigating social engineering attacks.