Dubai, UAE – 25 April 2023: Gulf Business Machines (GBM) has signed a 3-year agreement with Al Ahli Bank of Kuwait (ABK) to implement the industry-leading GBM Shield cybersecurity platform within ABK’s operations. In a major move towards enhancing cyber resilience, ABK is leading the charge as one of the first customers in Kuwait to adopt GBM Shield, GBM’s most comprehensive cybersecurity offering to date. GBM Shield will allow ABK to tap into the technology player’s extensive experience and local know-how, while also receiving 24/7 access to GBM’s uniquely skilled team of security professionals. Through GBM Shield, ABK is embracing the power of automation and machine learning to build up its defenses against the ever-growing complexity of cyber threats.
Wassim Seliman, General Manager of GBM Kuwait, said “The banking sector in Kuwait has seen unprecedented growth over the last few years, and with this growth comes substantial security challenges for financial institutions. We have worked closely with ABK for several years and have an in-depth understanding of its digital infrastructure. Hence, introducing GBM Shield into ABK’s security framework was a natural step forward in the journey towards building a robust IT infrastructure for the bank. We are excited to bring GBM Shield’s cybersecurity approach to ABK which will help save the Bank cost and time and allow it to focus on developing long-term strategies that work for the organization.”
Sameer Abduh, Head of IT Security Operations at ABK, said, “Cybersecurity is at the heart of our operations as customers’ information are the most important data within our systems, and we are mindful that any breech has very serious implications. We are confident GBM Shield is the right platform to further protect our digital assets and enable us to grow our offerings for diverse sectors. We are excited to partner with GBM again and look forward to a new phase of growth driven by cyber resiliency.”
In recent years, ABK was listed as one of the top 10 safest banks in the Middle East by Global Finance. It operates with cybersecurity threat and risk prevention in mind, providing simpler and intuitive banking customer experience with built-in cybersecurity controls that enable safe and secure banking business. Through the strategic partnership, ABK will benefit from GBM Shield, the next-generation cyber defense program with Managed Security Services (MSS) at the core, which removes the burden of time, technological adjustments, and finding and allocating skilled human talent to address sophisticated cyberattacks. This is in line with ABK’s commitment to be one of the best digital banks in the Middle East, providing customers with a wide range of secure digital channels and services.
In a holistic approach to cybersecurity, the program is risk-driven rather than technology-driven, thus enhancing existing technologies within ABK to elevate its security and cyber resiliency and increase the returns on security investment. GBM Shield brings together the best of GBM’s advance cybersecurity portfolio and its three decades of experience in Kuwait to offer an integrated program that is vendor-agnostic and can be easily scaled up or down based on the needs of the customer.
For more information on GBM Shield, please visit this link.
About Al Ahli Bank of Kuwait (ABK)
Since its foundation in 1967, ABK has progressed to be one of the leading Kuwaiti banks in the region, providing a wide range of financial and banking services and products across all its markets in Kuwait, Egypt and the United Arab Emirates. In its home market of Kuwait, ABK has 29 centrally located branches, 44 branches in Egypt, and two full-service branches located in Abu Dhabi and Dubai, United Arab Emirates.
In addition to its retail operations, the Bank also has a highly successful commercial side. Its Corporate Banking Division focuses on financing for the construction, real estate and trade sectors, providing loans, letters of credit and guarantees, and financing services, while the Treasury and Investments Division provides effective foreign exchange and interest rate services and advice for the Kuwait, Gulf and International markets.
Through its subsidiary, ABK Capital, the Bank provides a wide range of financial services, such as asset management, portfolio management, wealth management, investment banking, custody and consultative services. ABK Capital manages high performance funds including Al Ahli Kuwaiti Fund and Al Ahli Gulf Fund. These two funds have achieved high yields through securities investment in Kuwait and GCC countries.
The Bank continues to enjoy strong credit agency ratings of A2 from Moody’s and A from Fitch.
About Gulf Business Machines (GBM)
With more than 30 years of experience, 7 offices and over 1,500 employees across the region, Gulf Business Machines (GBM) is a leading end-to-end digital solutions provider, offering the region’s broadest portfolio, including industry-leading digital infrastructure, digital business solutions, security and services. We have nurtured partnerships since 1990 with the world’s leading technology companies and invested in a talented, skilled workforce to implement solutions that cater to customer’s specific, complex and diverse business needs.
Some of our strategic partners in the Gulf include IBM as their sole distributor throughout the GCC (excluding Saudi Arabia and selected IBM product and services), Cisco as a Gold and Master Partner (the highest level of certification at Cisco).
For more information, please visit www.gbmme.com
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