More than 100 information security and cybersecurity experts attended ‘HIMAYA - Cyber ​​Threat Intelligence Collaboration’ forum, hosted by UAE Banks Federation (UBF), a professional representative body comprising 48 member banks operating in the UAE, in association with Al-Iktissad Wal-Aamal, on Monday, 11th December, at Conrad Hotel, Dubai.

The one-day forum, which brought together industry specialists, as well as financial institutions in UAE and the region, discussed the enormous challenges facing the banking and financial services sector. The participants recognized the importance of cooperation and information sharing to fight the growing menace of cyber threats.

The Executive Director of Al-Iktissad Wal-Aamal, Mr. Walid Abou Zaki noted in his speech that “HIMAYA will continue as a CISO platform for the region, and we wish to have it always in the UAE given that it has the needed legal, technical and human resources infrastructure to lead this initiative in GCC, and be a role module for collaboration on cyber security space.”

In his welcome address, Mr. Nasser Sarris, General Manager of UAE Banks Federation said the country’s banking sector has been largely successful in warding off major cyberattacks despite increasing incidents”.

“Cybercriminals are posing an increasing threat to all businesses alike around the globe. It should come as no surprise that the financial industry is a top target for attackers; with the entry of new players and technologies like fintech and blockchain, the financial services sector has become a magnet for hackers and fraudsters.  While there are many reasons why the industry continues to face threats despite counter efforts, adoption of new technologies without proper security mechanism in place, unencrypted data and third-party services continue to be cited as key contributors to the vulnerability of financial institutions to cybercrimes.” Mr. Nasser Sarris, General Manager of UAE Banks Federation, said.