ABU DHABI – Cybersecurity is paramount to UAE Banks Federation (UBF) and the banking sector, a crucial driver of the global economy. The digital age has transformed financial transactions and asset management, making the protection of our financial systems essential, said UBF Director-General Jamal Saleh.
“Under the direct supervision of, and in full cooperation with, the Central Bank of the UAE and other relevant authorities, we’re implementing anti-fraud measures and protecting financial systems. We’re also raising awareness among customers and the public about various fraud types and prevention methods. Additionally, the Federation organizes the Cyber Wargaming annually in partnership with the Central Bank of the UAE and UAE Cyber Security Council. This initiative aims to bolster cybersecurity and adopt best practices to safeguard the digital infrastructure of the banking and financial sector,” he added.
Saleh made these remarks at the third Cybersecurity Conclave The event, held at the Jumeirah Beach Hotel in Dubai, was organized under the leadership of the UAE Cybersecurity Council, Dubai Electronic Security Center, and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum.
The Federation’s significant contributions to the banking and financial sector were acknowledged with the Excellence in Banking Sector Service Award. Dr. Mohammed Hamad Al Kuwaiti, Head of Cybersecurity of the UAE Government, presented the award to Jamal Saleh.
Over 200 government officials, cybersecurity experts, and executives from various economic sectors attended the conference. They discussed current cybersecurity challenges, trends, and growth opportunities. The UAE, a leader in digital transformation, promotes investments in cybersecurity to enhance its cyber defenses, especially given the growing dependence on digital technologies across sectors.
Keynote speakers at the conference included Dr. Mohammed Hamad Al Kuwaiti, Jamal Saleh, Sultan Al Owais, Director of Smart Services at the Prime Minister’s Office, Dr. Aloysius Cheang, President of Cybersecurity & Privacy Protection and Chief Security Officer for Huawei Middle East & Central Asia, and Olivier Busolini, Head of Information Security at Mashreq Bank.
The Cyber Wargaming event uses virtual experiments to assess cybersecurity teams’ capabilities. It identifies strengths and weaknesses through expert-designed simulated attacks. The UAE Banks Federation emphasizes enhancing the digital infrastructure of the banking sector, especially with the rise of e-commerce, digital banking, and new cyber threats.
Saleh further said, “Trust is foundational to our industry. Banks continually aim to foster the highest trust levels among customers, with cybersecurity playing a pivotal role in ensuring secure digital systems. The banking and financial sector, being a prime target for cybercriminals, necessitates evolving solutions and strategies for protection. Regulatory compliance is vital, and stakeholders recognize that it extends beyond legalities to ensure adherence to top-tier cybersecurity standards.”
Saleh encouraged Conclave attendees to fortify their digital security systems and establish robust defenses. He emphasized individual responsibility and due diligence, noting that people are both the first defense line and the most vulnerable link in cybersecurity. Hackers exploit human weaknesses using tactics like phishing and social engineering. Saleh underscored the need for vigilance to mitigate fraud and e-crime risks.
Conference panels provided a comprehensive overview of the cybersecurity landscape, highlighting the role of women, especially Emirati women, in the field, cloud computing vulnerabilities, resilience strategies, and other pivotal topics to enhance digital system protection.