UBF Highlights Importance Of Cybersecurity For Banking And Financial Services Infrastructure

The UAE Banks Federation (UBF) has stressed the need to enhance efforts to safeguard the digital infrastructure of banking and financial services. This initiative, overseen by the Central Bank of the UAE (CBUAE) and the UAE Cyber Security Council, aims to provide a secure experience for all customers while reinforcing the UAE’s status as a key financial hub globally and regionally.

During a workshop titled "Cybersecurity Threats to the Financial Services Sector," organised with the UAE Cyber Security Council and Kaspersky, UBF highlighted the importance of collaboration. The event gathered senior executives, IT directors, and cybersecurity experts from various institutions to discuss trends and challenges in cybersecurity within the financial sector.

UBF called for increased coordination among stakeholders such as regulatory authorities, financial institutions, technology providers, and individuals. They emphasised that protecting digital infrastructure is a collective responsibility shared by all parties involved in financial services. This collaborative approach is crucial for maintaining security across the sector.

Jamal Saleh, Director-General of UBF, stated that "The UAE banking sector continues to adopt and deploy cutting-edge digital solutions while ensuring the highest standards of cybersecurity under the robust frameworks set by the CBUAE and the UAE Cyber Security Council." He noted that these efforts are vital for safeguarding the industry and enhancing trust in UAE’s financial hub status.

A research study on cybersecurity threats was unveiled during the workshop. It analysed current challenges, trends, vulnerabilities, and attack patterns targeting banks. Key findings included that 42% of incidents in 2024 involved ransomware, while 44% of phishing attempts targeted banking service users. These insights underscore the need for robust cyber defences.

The study also revealed that over two years, Kaspersky identified five major APT campaigns against financial organisations. Additionally, 1 in 14 Info stealer infections led to card data theft. Such findings highlight increasing cyber threats' sophistication and persistence in this sector.

Strengthening Cybersecurity Measures

UBF’s Director-General highlighted ongoing initiatives like Cyber Wargaming—an annual program aimed at developing capabilities for secure operations. This initiative supports institutions in thriving environments through continuous capability development. Such programs are essential for enhancing resilience within the financial ecosystem.

Saleh added that "Cybersecurity is a shared responsibility and an integral part of the UAE’s digital transformation journey." He emphasised UBF's commitment to fostering collaboration among members to maintain trust and drive innovation within the digital economy aligned with CBUAE’s Financial Infrastructure Transformation Programme launched in 2023.

Addressing Emerging Challenges

The workshop also addressed concerns about rising DDoS attacks with 30% of InfoSec professionals expressing worry over this trend. Furthermore, 24% of cyber incidents involved phishing in 2024 while intentional policy violations by employees caused 26% of incidents over two years.

The findings highlight growing cyber threats facing finance industries worldwide necessitating continued vigilance investment into innovative solutions ensuring protection assets customer trust remains intact amidst evolving challenges faced today tomorrow alike.

With inputs from WAM