Title: Press Release: “Cyber Security” Discussed in an Awareness Panel between the CMA and the Ministry of Interior

Kuwait, May 14, 2023 – As part of the current efforts of preparing for a joint cooperation between the Capital Markets Authority (CMA) and the Ministry of Interior, an awareness panel discussion on cyber security was held at CMA headquarters last week. A joint memorandum of understanding between the two parties is expected be signed for the purpose of coordinating the efforts regarding the awareness media fields in general, and those related to issues of cyber security, financial fraud, combating money laundering and terrorist financing in particular.
It is worth noting that the panel discussion, which was presented by representatives of each of the Awareness Office at the CMA and Cyber Security Department and Anti-Money Laundering Departments at the Ministry of Interior, with the participation of the representatives of the CMA’s different organizational units that are concerned with its subject, is part of their efforts to limit the expansion of financial fraud and repeated cyber-hacking that manipulate the accelerated technical developments within the field of communication and the use of social media means to direct to the citizens and residents huge amounts of  misleading advertisements and fake investment invitations, as well as links of malicious software that facilitate cyber hacks. Such practices required the execution of awareness campaigns and programs between the two parties in order to join their efforts in such direction.
The workshop covered several aspects, starting with the following:
• Introduction to cyberspace and its importance.
• Individuals cyber security.
• Risks faced by individuals in the cyberspace.
• Institutional cyber security.
• Risks faced by institutions in the cyberspace.
• Conclusion.
• Cyber risk management.
• Clarification of social engineering.
• Electronic fraud types and prevention methods.
The workshop  concluded with answering the participants enquiries.
Moreover, as part of its role in raising public awareness of securities activities and the benefits, risks, and obligations associated with securities investment and promoting its development, the CMA has intensified its awareness efforts during the latest three years to educate the public about the risks of the increasing financial fraud practices, and inviting them to take caution against these practices, such as the use of available means of communication by fictitious or unknown persons and companies, in particular websites, social media, phone calls, text messages, etc. to promote advisory services and announce fake and high risk investment and financial products without obtaining the necessary licenses or being subject to the supervision of official entities as well as publishing fake announcements, misleading investment invitations of several fields, and deceptive promises of attractive additional incomes, spectacular returns, and quick profits within record times.

Ends-
Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw