UAE Central Bank's New Cyber Security Centre

The Central Bank of the UAE (CBUAE) has announced the establishment of the CBUAE Networking and Cyber Security Operations Centre to enhance the protection and security of the financial system's critical infrastructure in the UAE against cyber-attacks.

The centre will be situated at the CBUAE's headquarters in Abu Dhabi and will be the leading security operations centre for the country's financial sector, said the Central Bank in a statement. It will establish best practice and guidelines on managing security threats and vulnerabilities to protect the information infrastructure of the nation's licensed financial institutions.

The Centre will also support all CBUAE-managed and operating systems, applications and services and will serve as a hub in developing protection and security from cyber threats and attacks. The aim is to prevent, detect and mitigate risks to ensure financial and monetary stability in the system.

“In line with the CBUAE's overarching vision, the CBUAE Networking and Cyber Security Operations Centre will strengthen the UAE's monetary and financial systems,” said Sabri Al Azazi, assistant governor for support services and operations and chief operating officer of the central bank.

“As cyber security threats become increasingly sophisticated, it is critical that we have the necessary framework to protect our financial institutions, their infrastructure, processes and people from these challenges.”

The financial system has undergone a rapid digital transformation which has made it vulnerable to cyber attacks.

Corporates were the prime targets of financial malware attacks in the UAE during the first half of 2021, accounting for 38 per cent of the 25,811 recorded incidents, as hackers exploited remote working vulnerabilities, according to a study by Kaspersky.

Victims of cyber attacks in the UAE lost $746m annually to cyber crime, while users across the world lose $318 billion annually, according to research by UK data provider Comparitech. The UAE aims to prevent such attacks.

Mr Al Azazi said the development of a cyber security information-sharing mechanism will be done in collaboration with the financial sector and international institutions. This, in turn, will allow the new centre to “build greater resilience and preparedness of the sector and contribute to cyber security and sustainable economic growth".

The centre will also support all CBUAE-managed and operating systems, applications and services. It will establish best practice and guidelines on managing security threats and vulnerabilities to protect the information infrastructure of the nation's licensed financial institutions, and promote resilience and efficiency in the UAE's financial system.

UAE Central Bank:       The National News:     Comparitech: 

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