Kuwait Clearing Company and Thomas Murray sign MoU to enhance cyber security cooperation

May 1, 2024 | Kuwait City and London

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The strategic partnership aims to extend the cooperation between Maqasa and Thomas Murray by establishing a programme for improving the cyber risk profile of Kuwait’s capital market.

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.

The programme will be delivered by Maqasa in partnership with Thomas Murray, and will include:

• Cyber security training and threat intelligence sharing to enhance security awareness across the Maqasa membership;
• Leading-edge technologies to monitor and enhance the cyber security posture of market participants; and
• Joint analysis of cyber threats to Kuwait’s financial services sector.

Mr. Duaij Alsaleh , 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."