Acting on its dedication to combat with the threat of cybercrime and develop a secure and protected banking atmosphere for customers, the UAE Banks Federation (UBF), a specialist body representing 49 member banks running in the UAE, has introduced the launch of a new effort targeted at promoting cyber threat info sharing among financial institutions to decrease cyber dangers and minimize risks to banks and their customers.

The Cyber threat Intelligence Initiative 2017 was launched after the Federation's Chief executive officers Advisory Council approved in March a proposal sent by the Details Protection Committee, calling for the production of a cyber intelligence sharing platform which will certainly enable financial institutions to better identify, protect, find and react to cyber-attacks.

The new intelligence sharing platform will certainly enable member financial institutions to perfectly collect, analyze and share information on cyber threat, while enabling anonymous reporting and alert management. This will allow financial institutions to gain an extensive understanding of the cyber hazard landscape and be far better prepared to reply to emerging risks.

" Offering a durable platform for collection and sharing of cyber Threat Knowledge will allow financial institutions to respond to the 'who, what, where, when, why, and how' concerns needed for immediate decisions and actions called for," said H.E. Abdul Aziz Al Ghurair, Chairman of UBF. "By seamlessly sharing business-critical information with each other, banks will certainly be able to stop and lower sensitive data direct exposure and make much better, extra informed decisions around danger monitoring and the investment required for their cybersecurity methods. Such intra-sectoral cooperation will permit the banking industry to become extra virtual durable, ultimately giving greater transaction security and comfort for banking customers in the nation."

" Cyber criminals are getting extra organized and innovative, providing standard
techniques insufficient in efficiently attending to the challenges posed by a developing threat environment. The development of cybercrime has actually also indicated that managing cyber hazards alone is insufficient. This makes it critical that financial institutions integrated to create an usual platform whereby they can accumulate and share risk info which will certainly assist enhance their cybersecurity and secure their business and operational settings," he included.

The new platform will certainly provide member financial institutions with safe and secure and very innovative approaches of sharing cyber threat indications such as cyberpunks scanning for open ports or brute-force scan attacks.

It will additionally inform financial institutions to methods focused on bypassing safety and security controls or exploitation of a protection vulnerability - such as with the use of Heartbleed or Shellshock bugs or through DNS tunneling or domain fronting - while offering them with all appropriate information of software security vulnerabilities including just how the susceptability was discovered and exactly what would certainly be its potential impact.

Moreover, the cyber intelligence sharing platform will enable financial institutions to be more aware of recent methods and development utilized by assaulters, therefore significantly boosting their cybersecurity abilities and equipping them to efficiently challenge new and advancing threats