UAE banking body launches joint cybersecurity initiative

UAE Banking Federation says Information Sharing and Analysis Centre will help detect cyber attacks

Tags: Banking and financeUnited Arab Emirates
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UAE banking body launches joint cybersecurity initiative UAE banks come together to share information on cybersecurity threats.
By  Staff Writer Published  September 17, 2017

The UAE Banks Federation (UBF) on Thursday launched its first Information Sharing and Analysis Centre which aims to tackle the growing threat of cyber-attacks targeting the financial industry.

The professional representative body comprising 48 member banks operating in the UAE said the centre will initially bring together 13 banks’ cyber security data in Anomali’s ThreatStream platform.

This will aggregate, correlate, and analyse threat data from multiple sources in real-time to support defensive actions.

Founding members include HSBC, CBD, ADCB, Barclays, CBI, Citibank, ENBD, FAB, Mashreq, Noorbank, SCB, ADIB, and NBF, according to a statement.

UBF said the centre membership is set to grow in a phased approach to eventually encompass all of UBF’s member banks.

“Our partnership with Anomali to build this platform will allow banks to get quipped with the tools and intelligence to better identify, protect, detect and respond to cyber-attacks,” said Abdul Aziz Al Ghurair, chairman of UBF, and CEO of Mashreq Bank.

"It will help to establish the importance and value of seamlessly collecting, sharing and analysing data, while allowing for anonymous reporting. Together, we can then reduce sensitive data exposure and make more informed decisions and investment strategies," Al Ghurair added.

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