By Peter Alagos/Business Reporter

Online commerce will deliver added value to the banking and finance industry as cyber security regulations are constantly being redefined to mitigate risks, said Doha Bank Group CEO Dr R Seetharaman.
He explained that e-commerce has evolved alongside other advancements in online technology, making it an integral part of society.
“The advances and risks run parallel with each other when it comes to online technology usage, so we cannot say there are no risks. Today, online and social media are the layman’s language. “We ought to look at the bigger picture, online commerce is going to take place; it is a lifestyle mechanism today. The term ‘online’ is not something different, it is part of your life,” Seetharaman told Gulf Times on the sidelines of an event Doha Bank hosted recently.
But he also clarified that Qatar still needed more regulatory framework despite the country’s achievements in the online industry such as its No 23 ranking among 148 countries in the World Economic Forum’s Networked Readiness Index 2014.
“What’s happening on the global side is measurable, manageable, and controllable that is why cyber security regulations are being redefined time and again; as when you invent something, there is always a security risk but I am sure that cyber commerce and cyber productivity will bring in more value than the risks associated with it,” Seetharaman stressed.
In a previous forum on information security in the financial sector, Seetharaman urged both regional and global banks to synchronise developments in Information Technology (IT) with the latest security trends.
He advised banks to develop information security awareness strategies and involve staff in the Ministry of Information’s (MoI) electronic crimes unit, as well as the Qatar Central Bank’s security committee.
Also, he stressed that banks must introduce new policies and standards “that address the dynamic nature of information security.”
“Due to increased security risks over Automated Teller Machine (ATM) hardware and software, banks have conducted ATM security assessments. Physical security controls have been enhanced within bank premises. Banks also implement many cyber security controls to reduce impacts of online phishing attacks,” he explained.
He added that regulations in Qatar have also changed to support managing information security risks for financial institutions. Many banks, according to Seetharaman, have established information security strategies as part of its key functions and formed Information Security Councils, supported by bank executives.
At the same time, Seetharaman noted that innovations in digital banking have revolutionised bank-customer relationships.
He described digital banking as a “new channel to improve revenue growth and cross sell.” He also noted that financial institutions will aim to improve customer experiences by offering better services through digital banking.