Sunday , April 14 2024
UAE

UAE Banks Federation conduct ‘Cyber Wargaming 2024’

The UAE Banks Federation (UBF) organized the third “Cyber Wargaming 2024” event to protect the banking sector’s digital infrastructure and provide a secure banking experience for customers. This event is supervised by the Central Bank of the UAE and the UAE Government’s Cyber Security Council. It aims to develop the banking sector and adapt to rapid technological development.

Cyber Wargaming 2024, the largest event of its kind in the Middle East, followed the successful second edition in 2022. It was attended by representatives from GCC central banks, top UAE banks, financial and technology institutions, cybersecurity experts from the banking and financial sector, as well as strategic partners of the Federation.

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The event involves simulated cyberattacks to test the cybersecurity teams of UBF member banks. Its purpose is to assess their capabilities and identify areas of strength and weakness. The exercises aim to enhance understanding of attackers’ techniques and the factors that pose a threat.

Jamal Saleh, Director-General of UBF, said, “The organisation of these cyber security workshops confirms UBF’s commitment to prioritise the security of the banking system and information security. We do this under the direct supervision of Central Bank of the UAE, 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 turnout at this event reflects the commitment of member banks and financial institutions to create a secure environment through events and training programmes conducted by our member banks, which provide banking and financial sector employees with the opportunity to learn about the aspects that require further development to enhance cyber security, which is a key pillar in consolidating the UAE’s position as a leading banking and financial centre in the region.”

Abdulla Matar Al Muhairi, who is in charge of the Banking Supervision Department at the Central Bank of the UAE, highlighted the crucial role of the UAE Central Bank in enhancing the stability of the financial system and the readiness of the banking sector to protect against cyber-attacks.

Al Muhairi added, “With the continuous development of technology and artificial intelligence systems, cyber-attacks 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 raise the efficiency of cyber security teams in dealing with attacks and thus create a safer banking environment.”
UBF’s focus on developing all capabilities to protect the digital infrastructure of the banking sector comes against the backdrop of the increasing use of e-commerce, digital banking services and applications, which has led to a rise in cyber threats and financial crimes.

As part of its initiatives to promote digital transformation in a secure environment, UBF organises a series of events and campaigns, such as Cyber Wargaming and the National Fraud Awareness Campaign, all of which help to spread awareness of the risks of fraud and cyber-risks.

The Federation’s Information Security Management Committee and Information Security Advisory Committee collaborated with MasterCard to organize a Threatcasting event. The event aimed to identify future threats from advanced technologies like quantum computing and artificial intelligence and find ways to address them.

The Director-General of the Federation highlighted the significance of these events for developing fraud prevention solutions and keeping up with changes in legislation and regulations. This will help maintain customer confidence and improve the operational flexibility of the banking sector. The goal is to ensure that banks and financial institutions, who are members of the Federation, can effectively protect their systems, data, and customer interests.

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