It’s no secret that the banking sector around the world is undergoing a massive transformation, while seeking new opportunities and trying to gain a competitive edge in a rapidly changing marketplace.
The UAE, as a global gateway, is ranked as the second most targeted country on cyberattacks index as per “The Economic Impact of Cybercrime - No Slowing Down” a study by CSIS and McAfee. The country’s high internet penetration, technological sophistication, and highly visible profile have been cited as reasons for the high cost of cyberattacks estimated at $1.4 billion per year.
Banks in the UAE have not spared any effort to safeguard the industry, and the most notable was the creation of the cyber threat intelligence platform project “TASHARUK”, launched during 2017 with the aim of equipping banks with the necessary tools and intelligence to better identify, detect, and respond to cyber-attacks.
“Only by adopting a collaborative and systematic approach towards information sharing of cyber threat intelligence, banks can establish effective defense to sustain a safe and secure banking ecosystem,” stated H.E Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation.
In this context, the UAE Banks Federation, in association with Al-Iktissad Wal-Aamal Co., is hosting “HIMAYA - Mutahad United”. The one-day forum will bring more than 150 industry specialists, information security and cybersecurity experts as well as financial institutions in UAE and the region, to discuss the enormous challenges facing the banking and financial services sector.