Q: To what extent has the introduction of the UAE Banks Federation’s [UBF’s] Information Sharing and Analysis Centre improved United Arab Emirates banks’ ability to handle cyber threats?
A: Cybersecurity remains one of the top risks to financial institutions. As banks continue to embed a culture of risk management across the industry, we are also seeing the introduction of international standards and risk management frameworks which are being aligned to effectively manage cybersecurity risks. [These] international standards, including ISO 27001, as well as local guidance from the National Electronic Security Authority, [are providing] relevant direction to UAE banks.
