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Cyber Wargaming — how the UAE Banks Federation protects against cyberattack

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Named “Cyber Wargaming 2024,” this initiative is overseen by the Central Bank of the UAE and the UAE Government’s Cyber Security Council. The latest iteration, being the third event, was organized by the UAE Banks Federation (UBF) to simulate cyberattacks and assess the security measures of member banks. Through these exercises, the UBF identifies security strengths, vulnerabilities, and risks, enhancing the banks’ protective strategies and knowledge.

Abdulla Matar Al Muhairi, Head of the Banking Supervision Department at the Central Bank of the UAE, emphasizes the crucial role of bolstering the financial infrastructure’s resilience in the face of cyber threats. It is imperative for the banking sector to be well-prepared to combat cyber assaults.

Cyber Wargaming 2024: Safeguarding Banking Digital Infrastructure

Jamal Saleh, Director General of UBF, stated, “We are committed to ensuring secure banking operations amidst the rapid adoption of advanced technologies in the financial sector. These cybersecurity workshops underline our dedication to banking system security and information protection. With the support of the Central Bank of the UAE, we aim to implement cutting-edge regulations and technologies to offer customers top-notch services within a secure banking environment.”

He further noted, “Our success in the previous exercises has highlighted the significance of preparing banking professionals for potential cyber threats, especially in light of the digital transformation surge in the financial arena. The high participation rates demonstrate our member banks’ commitment to fostering a secure environment through educational initiatives, enabling employees to enhance cybersecurity practices, a pivotal aspect in establishing the UAE as a prominent financial hub in the region.”

Focus on Credit Card Risks at Recent Threatcasting Event

The forthcoming Cyber Wargaming 2024 event will concentrate on fortifying banking digital infrastructure to counteract evolving cyber risks. These events have become pivotal in securing the banking landscape amidst rising fraudulent activities and cyber threats. By raising awareness about fraud risks, individuals are urged to remain vigilant and safeguard their accounts.

In a recent event, titled Threatcasting Event, in collaboration with MasterCard, experts delved into potential future threats posed by advanced technologies like quantum computing and AI, highlighting effective strategies to combat these emerging challenges.

Featured Image Credit: ExpectBest; Pexels

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