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UAE Banks Federation’s ‘HIMAYA - Cyber Threat Intelligence Collaboration’ Forum Addresses Cybersecurity Challenges

  • UAE Banks Federation’s ‘HIMAYA - Cyber Threat Intelligence Collaboration’ Forum Addresses Cybersecurity Challenges

UAE Banks Federation’s ‘HIMAYA - Cyber Threat Intelligence Collaboration’ Forum Addresses Cybersecurity Challenges

More than 100 information security and cybersecurity professionals went to 'HIMAYA - Cyber ​​Threat Intelligence Partnership' forum, hosted by UAE Banks Federation (UBF), a specialist rep body comprising 48 member banks operating in the UAE, in association with Al- Iktissad Wal-Aamal, on Monday, 11 th December, at Conrad Hotel, Dubai.

The one-day forum, which brought together industry specialists, along with financial institutions in UAE and the region, talked about the substantial challenges encountering the banking and monetary solutions industry. The participants recognized the value of teamwork and information sharing to eliminate the expanding menace of cyber risks.

In his welcome address, Mr. Nasser Sarris, General Manager of UAE Banks Federation stated the nation's banking sector has actually been mainly successful in preventing significant cyberattacks in spite of raising incidents".

"Cybercriminals are posing an increasing threat to all services alike around the globe. It ought to come as not a surprise that the financial industry is a top target for opponents; with the entry of new players and modern technologies like fintech and blockchain, the financial services field has actually ended up being a magnet for hackers and frauders. While there are many reasons the industry continuouslies encounter hazards regardless of counter efforts, adoption of new innovations without proper protection system in position, unencrypted data and third-party solutions remain to be mentioned as key factors to the vulnerability of banks to cybercrimes." Mr. Nasser Sarris, General Manager of UAE Banks Federation, said.

" UBF has put all possible initiatives versus cyber hazards considering it as a leading concern, and UBF campaign released this year of cyber threat knowledge sharing platform is a progression to protect the cyber area of banks" he included.

William Carter, Deputy Director and Fellow, Modern Technology Plan Program, Facility for Strategic & International Studies, Washington, D.C., the USA, delivered the keynote address themed 'Forces Forming the Cyber Hazard Landscape for Financial Institutions. Mr. Carter stated.

" while the emergence of new innovations promises to change the sector, it likewise brings new safety difficulties that banks will certainly have to prepare for. He prompted banks making aggressive financial investments in cybersecurity, and to incorporate cybersecurity into the design of brand-new product or services from the outset."

The panel, titled ‘Key Aspects of UBF Information Sharing Platform’ and moderated by Talat Hafiz, Assistant General of the Media & Banking Awareness Committee, a subcommittee of the Banks' Chairmen Board of Saudi Banks, hailed UBF's initiative to develop a platform to protect the financial institutions in UAE from cyber threats.

The panel's speakers Rinaldo R Oliveira, Vice Chairman of Information Protection Board, UAE Banks Federation; John Salomon, Regional Director EMEA, FS-ISAC, and Hugh Njemanze, Chief Executive Officer, Anomali, analyzed exactly how the Middle East's Information Sharing and Analysis Center (ISAC) was helping financial institutions to minimize cyber threats and make more educated choices and financial investment strategies while securing their business and functional settings.

The UBF-ISAC helps to purchase and translate the ever-growing quantity of risk data offered to organizations from interior and third-party resources. Released in September, the platform currently allows cybersecurity knowledge amongst 13 starting UBF member financial institutions.

Thabet Bakheet, Head of Information Security, Central Bank of UAE, Pak-Wai Fok, Head of Threat Intelligence, Standard Chartered Bank, were speakers on one more panel entitled 'The Duty of Regulations & Legislations in Enhancing Cyber Safety in the Banking Industry' that was regulated by Hiba Fayad, Chief Info Officer, Al-Iktissad Wal-Aamal Co. The panel worried that governing reforms were imperative to take care of cyber hazard landscape that is continuously evolving to present new strategies and tools to ridicule incumbent defense mechanisms.

The forum additionally showcased a number of internationally-acclaimed speakers, including Eddie Schwartz, Executive Vice President of Cyber Services, DarkMatter; Haidar Pasha Director for Security TStrategy covering Emerging Markets, Symantec; Jakob S. Fonsbol Business Development Manager, CSIS; Stuart Davis, Director of Global Services & Intelligence

EMEA, FireEye and Matthieu Suiche, Founder, Comea Technologies.

The event ended by closing comments by Patrice Favre, Chairman of Info Protection, UAE Banks Federation, who highlighted the value of industry occasions like HIMAYA forum that enable financial institutions and monetary services organizations to keep up with the rate of growing challenges.

About UAE Banks Federation
Established in 1982, the UAE Banks Federation is a specialist representative body comprising 48 member banks operating in the UAE. The Federation supports all banks' rate of interests, and boosts cooperation and coordination among them, in order to promote and update the UAE's banking industry for the benefit of the banking field, its customers, and the national economy.

The UAE Banks Federation's goal and objectives are concentrated on creating and standing for the rate of interests of the member banks and protecting their legal rights. The federation plays a major function in elevating public understanding around the beneficial role and unique financial, economic and social payment of the banks to the UAE.

The Federation has an Advisory Council including 28 Bank CEOs which supervises the application of the plans, acts on UBF's tasks and makes essential decisions, and 19 specialized technical committees who discuss all relevant banking issues.