Central Bank of the UAE’s new cybersecurity center to tackle financial crime

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The UAE Central Bank has established a new Networking and Cyber ​​Security Operations Center to help defend the financial system‘s IT infrastructure against cyber attacks.

The center will be located at the headquarters of the CBUAE in Abu Dhabi and will be the main security operations center for the country’s financial sector, the regulator said in a statement on Tuesday.

It will serve as a hub for the development of countermeasures against the evolution of cyber threats, which will prevent, detect and mitigate risks in order to ensure the financial and monetary stability of the system.

“In line with the overall vision of CBUAE, the CBUAE Networking and Cyber ​​Security Operations Center will strengthen the monetary and financial systems of the UAE,” said Sabri Al Azazi, deputy governor of support and financial services. central bank operations and operations manager.

“As cybersecurity threats become increasingly sophisticated, it is essential that we have the framework necessary to protect our financial institutions, their infrastructure, their processes and their people against these challenges. “

The financial system has undergone a rapid digital transformation that has made it vulnerable to cyber attacks. The Covid-19 pandemic has increased the risk of money laundering and terrorist financing, fraud, cyber attacks, bribes and corruption throughout the financial system, the central bank said in September.

Business users were the primary target of financial malware attacks in the UAE in the first half of 2021, according to Kaspersky research, accounting for 38% of 25,811 recorded incidents, with hackers exploiting remote work vulnerabilities .

As cybersecurity threats become more sophisticated, it is essential that we have the framework necessary to protect our financial institutions, their infrastructure, their processes and their people against these challenges.

Sabri Hamed Al Azazi, Deputy Governor for Support Services and Operations, and Director of Operations, Central Bank of the United Arab Emirates

Victims of cyber attacks in the United Arab Emirates lose $ 746 million a year to cybercrime, while users around the world lose $ 318 billion a year, according to a study by British data provider Comparitech.

The UAE has made unremitting efforts to prevent such attacks.

Mr. Al Azazi said that the development of a cybersecurity information sharing mechanism will be done in collaboration with the financial sector and international institutions.

This, in turn, will allow the new center to “build greater resilience and readiness of the sector and contribute to cybersecurity and sustainable economic growth”.

The center will also support all systems, applications and services managed and operated by the CBUAE. It will establish best practices and guidelines on managing security threats and vulnerabilities to protect the information infrastructure of licensed financial institutions in the country and promote the resilience and efficiency of the UAE financial system.

Updated: November 2, 2021, 2:34 PM


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