Abu dhabi: The UAE Banks Federation (UBF), representing the unified voice of UAE banks, has underscored the critical need to fortify the digital infrastructure of the banking and financial services sector. These efforts, supervised by the Central Bank of the UAE (CBUAE) and the UAE Cyber Security Council, aim to offer a seamless and secure experience for customers while solidifying the UAE's status as a significant financial hub on both regional and global scales.
According to Emirates News Agency, UBF has called for increased coordination among stakeholders, including regulatory bodies, financial institutions, technology providers, and consumers. This collaboration is deemed essential for safeguarding the digital infrastructure of financial services, a responsibility shared by all parties involved in the sector. The statement was made during a workshop titled 'Cybersecurity Threats to the Financial Services Sector,' organized with the UAE Cyber Security Council and cybersecurity firm Kaspersky as part of efforts to bolster the financial ecosystem's resilience and cybersecurity awareness.
The workshop convened senior executives, IT and cybersecurity directors from UAE financial institutions, regulatory representatives, and global technology experts. Discussions centered on current cybersecurity trends, evolving challenges in the financial sector, and strategies to enhance preventive measures. Jamal Saleh, Director-General of UBF, emphasized the sector's commitment to deploying advanced digital solutions while maintaining high cybersecurity standards under CBUAE and UAE Cyber Security Council frameworks.
Saleh highlighted the shared responsibility of cybersecurity within the UAE's digital transformation journey and reiterated UBF's dedication to fostering collaboration to maintain trust and drive innovation in the digital economy. This aligns with the CBUAE's Financial Infrastructure Transformation (FIT) Programme, launched in 2023 to accelerate digital transformation and innovation in the financial sector.
The Director-General also pointed out UBF's ongoing initiatives, such as Cyber Wargaming, aimed at equipping institutions to operate securely and thrive through continuous capability development. During the workshop, a comprehensive study on cybersecurity threats to the financial services sector was unveiled, detailing current and emerging challenges, trends, vulnerabilities, and attack patterns. It offered recommendations for adopting advanced technologies and frameworks to strengthen cyber defenses.
Key findings from the research highlighted the sophistication of cyber threats facing the industry, with significant incidents involving ransomware, phishing, and internal security policy violations. The study underscored the necessity of vigilance, collaboration, and investment in cybersecurity innovation to protect assets and maintain customer trust.