UAE Central Lender conducts cyber strike simulation to check the sector’s preparedness
25 January, 2021
The Central Lender of the UAE and the UAE Banks Federation conducted a cyber attack simulation exercise to check on how well equipped the country's banking sector is to counter potential cyber threats.
During the drill, the participating banking institutions were subjected to real-time cyber attack scenarios to determine and apply crisis supervision strategies, the regulator said in a statement on Sunday.
The exercise was part of the CBUAE’s mandate to ensure the stability and resilience of the UAE’s financial system through the implementation of complex processes and techniques, the central bank added.
The techniques try to combat the risk of advanced cyber attacks and shield the bank operating system, the CBUAE said.
Cyber attacks on financial institutions surged 238 % globally right from the start of February to the end of April this past year, as more consumers switched to on-line banking in the peak of coronavirus-induced lockdowns, according to Massachusetts-based cyber security organization VMware Carbon Black.
A 2019 article by Accenture revealed that the average annualised cost of cyber crime for financial organisations all over the world risen to $18.5 million - the best of all industries contained in the study. It had been almost 40 % higher than the common price of $13m per company across other industries.
The central bank has urged lenders to bolster their defences against cyber attacks as they continue steadily to transform digitally.
The CBUAE said it will develop cross-sector collaborations to improve the resilience and protect the national economic climate from threats.
Source: www.thenationalnews.com