MANAMA: The top managements of Bahrain and Gulf companies are so involved in setting and meeting business goals that they often do not pay attention to IT security management, according to experts at the BCICAI conference.
“The World Economic Forum recognises data breach as a major economic threat that will cost the economy $2.1 trillion by 2019,” said Sreejith Bhaskaran, senior manager, BDO Consulting, who presented a talk on ‘IT Security – Realities and NextGen Possibilities’ along with his fellow-speaker Rohit Srivastava.
“Even Bahrain, although it has a better track record than many countries, is not aware or proactive enough about preventive measures for IT security,” he said.
Mr Bhaskaran said data breach is a fairly common risk worldwide because of the sheer volume of transactions that are completed using information technology.
“It is a subject that is not given sufficient attention by top management that sets goals for companies.”
He said companies must have a clear action-plan for managing data breach and know the value of their data and assets, he said. The top two preventive measures to strengthen IT security is the two-factor authentication and, on a personal level, avoiding phishing and sharing personal data, he said.
The two-factor authentication is just two forms of authenticating oneself. This is now widely used to authenticate financial transactions where one has to use a password followed by OTP/ another password or biometric evaluation which can avoid data breach to a large extent, he added.