UAE Bank Federation hosts ‘Cyber Wargaming 2024’
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Under the supervision of Central Bank of the United Arab Emirates and the Cyber Security Council of the UAE Government, the UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, organized the third edition of “Cyber Wargaming 2024” as part of their efforts and initiatives to further develop the banking sector.
The event aims to protect the sector’s digital infrastructure and provide a seamless and secure banking experience for all customers in the face of rapid technological development.
The largest of its kind in the Middle East, Cyber War Games 2024It follows the success of the second edition in 2022, and was attended by several representatives from the GCC central banks, major banks in the UAE, financial and technology institutions, cybersecurity experts from the banking and finance sector and strategic partners of the Federation.
The event is characterized by simulations of cyber attacks specially designed to learn about the capabilities of the cybersecurity teams of the UBF member banks to confront these risks and identify strengths and gaps through cybersecurity exercises to improve knowledge of the techniques. , methods and procedures used by attackers. and the factors that are the source of the threats.
Jamal Saleh, general director of the UBFsaying,
“The organization of these cybersecurity workshops confirms the UBF’s commitment to prioritizing the security of the banking system and information security. “We do this under the direct supervision of the UAE Central Bank, which is keen to develop the necessary regulatory frameworks and technologies to keep up with the latest developments and provide customers with the best services in a reliable banking environment.”
He added,
“The large participation in this event reflects the commitment of member banks and financial institutions to creating a safe environment through events and training programs conducted by our member banks, which provide employees in the banking and financial sector the opportunity to learn on the aspects that require greater attention. development to improve cybersecurity, which is a key pillar in consolidating the UAE’s position as a leading banking and financial center in the region.”
Abdulla Matar Al Muhairi, Head of the Banking Supervision Department of the Central Bank of the United Arab Emiratesemphasized the importance of the UAE Central Bank’s role in strengthening the resilience of financial infrastructure and preparing the banking sector to defend against cyber attacks.
Al-Muhairi aggregate,
“With the continued development of technology and artificial intelligence systems, cyberattacks have become more complex and diverse. Therefore, it is necessary to work together and converge all efforts and capabilities to defend against cyber attacks and protect the financial system and its stability. “The effectiveness of Cyber Wargaming 2024 reflects the cooperation of the banking sector to increase the efficiency of cybersecurity teams in dealing with attacks and thus create a more secure banking environment.”
UBF’s focus on developing all capabilities to protect the digital infrastructure of the banking sector comes in the context of the increasing use of e-commerce, digital banking services and applications, which has led to the emergence of new technologies and various types of cyber, financial attacks. crimes and fraud methods that have become more complex and specific.
As part of its initiatives to promote digital transformation in a secure environment, UBF organizes a series of events and campaigns, such as Cyber Wargaming and the National Fraud Awareness Campaign, which help raise awareness about fraud risks and cyber risks. .
The Information Security Management Committee and the Information Security Advisory Committee, which are part of the Federation, recently organized another Threatcasting event in collaboration with MasterCard to identify possible future threats from advanced technologies such as quantum computing and intelligence artificial and how to address them.
The Director General of the Federation also emphasized the importance of these events to develop appropriate fraud prevention solutions and keep up to date with the expected changes in the legislative and regulatory environment to maintain customer confidence and improve the operational flexibility of the banking sector. to face events. , rapid evolutions and crises so that the member banks and financial institutions of the Federation can better protect their systems, data and the interests of their clients.
News source: Emirates News Agency
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