GCC banks’ strong profitability provides robust shield against potential losses from cyber incidents.

The significance of cyber risk as a threat to global financial institutions is growing, but Gulf Cooperation Council (GCC) banks are actively prioritizing their defense against this danger. This is according to a new report from S&P Global.

In the past two years, no noteworthy cyber attacks or losses have been reported by GCC-based banks. While it is possible that some attacks may have gone unreported, the absence of significant losses in financial reports and the relatively low operational risk capital charges suggest that any incidents…