UAE Federation of Banks commits to strengthening cybersecurity for a secure banking future

UAE Federation of Banks (UBF) reiterated its commitment to supporting efforts that enhance the secure and seamless banking experience, in particular, cybersecurity-related initiatives that constitute an essential shield against cyber threats, in order to increase trust and develop the banking sector of the UAE in the face of the broad and accelerated digital transformation that the world in general, and the banking and financial sector in particular, is experiencing.

This occurred during UAE Federation of Bankss participation in the 3rd Cybersecurity Conclave as a strategic partner. The event was recently organized under the leadership of the UAE Cybersecurity Council, Dubai Electronic Security Center and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum at the Jumeirah Beach Hotel in Dubai.

The event also recognized the outstanding efforts of the Federation in the development of the banking and financial sector with the Award for Excellence in Banking Sector Service presented by Dr. Mohammed Hamad Al Kuwaiti, Head of Cybersecurity, UAE Governmentpresented it to Jamal Saleh, CEO of the UAE Federation of Banks. This prestigious award reflects the IT community’s recognition of the contributions made by the UAE Federation of Banks in supporting the digital transformation of the banking sector and protecting the industry from the risks of cyber attacks, which has helped strengthen the position of the UAE as a global financial and banking centre. as well as increasing customer trust in the UAE banking sector, as the UAE ranks second globally in terms of customer trust in banks.

More than 200 government officials, cybersecurity experts and executives from banking, finance and other vital economic sectors attended the specialized conference to discuss current cybersecurity challenges, trends and development opportunities in the field. The UAE is one of the leading countries in digital transformation and is encouraging investment in cybersecurity to improve its cyber defenses and protect its digital infrastructure, especially given the growing reliance on digital technologies in various sectors.

Dr. Mohammed Hamad Al Kuwaiti, Jamal Saleh; Sultan Al Owais, Director of Intelligent Services at the Prime Minister’s Office; Dr. Aloysius Cheang, President of Cybersecurity and Privacy Protection and Chief Security Officer of Huawei Middle East and Central Asia; and Olivier Busolini, Head of Information Security at Mashreq Bank, gave keynote speeches at the conference.

In his opening speech, Jamal Saleh, CEO of the UAE Federation of Banks, saying,

“Cybersecurity is of utmost importance to UBF and the banking sector, which is a vital driver of the global economy, especially in the digital era that has changed the way financial transactions and asset management are handled, making “Protecting our financial systems is an absolute priority. necessity.”

“Under the direct supervision and in full cooperation of the Central Bank of the UAE and other relevant authorities in the country, we are working to implement anti-fraud measures, protect financial systems and continuously raise awareness among customers and the public to educate them with the different types of fraud and ways to prevent them. The Federation also organizes Cyber ​​Wargaming every year in association with the UAE Central Bank and the UAE Cyber ​​Security Council to improve cybersecurity and follow best practices to improve the security of the banking. and the digital infrastructure of the financial sector”.

The Cyber ​​Wargaming event is based on virtual experiments to test the capabilities of cybersecurity teams in confronting and discovering attacks to identify strengths and gaps through simulated attacks designed by experts in the field. The UAE Federation of Banks focuses on developing capabilities to protect the digital infrastructure of the banking sector with increased exposure to e-commerce, digital banking services and applications, which has led to the emergence of different types of cyberattacks and financial crimes. They use new technologies and are evolving to become more complex than before and more specific to their objectives.

He General Director of the UBF aggregate,

“One of the most important factors that reinforce the importance of cybersecurity in the banking and financial sector is that our industry is based on the principle of trust, and banks always strive to achieve the highest level of trust among their customers, of which cybersecurity is an essential element as it helps in the provision of secure digital systems. The second factor lies in the fact that the banking and financial sector is an attractive target for cybercrime, which is experiencing rapid development, for which requires a constant evolution of solutions and tactics to protect digital banking and financial systems, which is no longer an option but a necessity.

He pointed out that regulatory compliance is the most important factor and all actors in the banking ecosystem have realized the importance of cybersecurity and that regulatory compliance in this area is not limited to the legal aspect but goes beyond becoming the essential means to ensure that banking and financial institutions adhere to the highest cybersecurity standards.

Jamal Saleh He urged Conclave participants to continually develop their digital security systems and build strong defenses so that cybersecurity becomes a shield that protects from the risks of attacks and preserves assets and data. He also highlighted the importance of people being responsible and doing the required due diligence, as they are the first line of defense and the weakest link in the cybersecurity chain, as hackers exploit human vulnerabilities through fraudulent tactics, such as phishing and social engineering, and Pointed out the importance of vigilance and cautious behavior to reduce the risks of fraud and electronic crime.

The conference panels covered a comprehensive overview of the cybersecurity landscape, the role of women in cybersecurity, particularly Emirati women specializing in this area, vulnerabilities in cloud computing, resilience to cyberattacks and other important topics that contribute to improving the protection of digital media. systems.

News source: Emirates News Agency