The Investment Studies Center (ISC) at Union of Investment Companies (UIC) in collaboration with Deloitte Consulting, held a seminar on "Cloud Security - An Overview" on Sunday, 17th February 2019 UIC headquarters in the second floor of the Kuwait Chamber of Commerce and Industry Building, ISC hosted Mr. Tamer Charife - Partner - Risk Adisory and Mr. Mohammad Elnems – Manager - Risk Advisory at Deloitte Consulting, to present the seminar.
Ms. Fadwa Darwish, Director of Technical Support and Director of the Center for Investment Studies, started the seminar welcoming the attendees and presenting the content of the seminar. She reported that nowadays we are hearing about the increasing penetration of the electronic cloud. For this reason and in keeping with the relevant developments related to the work of investment companies, ISC organized this seminar to highlight the importance of using electronic cloud.
Ms. Darwish pointed out that the seminar dealt with several topics including the definition of the electronic cloud and the advantages and risks of its use, as well as an in-depth look at the risks related to information security and focusing on several key factors regarding the practical aspect of assessing the security risks of electronic cloud information, as well as, tackling the merits of using it, such as, the continuous and round-the-clock availability of data, operational flexibility and operational costs.
On the other hand, the risks have been highlighted, which are increasing in terms of data privacy and security, and full reliance on the Internet and network connectivity. The most prominent risk in this area is the absence of regulatory controls and laws to regulate the electronic cloud to ensure the security of data and information.
According to the symposium, in Kuwait, no regulator has yet activated a control system on the electronic cloud, either by the Central Bank of Kuwait or the Capital Markets Authority, as is the case in Saudi Arabia, for example, where regulations, standards and frameworks have been set for the use of companies for electronic cloud.