CBUAE conducts cyberattack simulation on banking sector

By Edil Corneille

The Central Bank of the UAE (CBUAE) conducted a cyberattack simulation exercise designed to test the resilience of the UAE’s banking sector against any potential cyber threats.

The exercise affirms CBUAE’s preparedness to prevent or mitigate cyber threats that may cause disruptions to the UAE’s economy and financial stability.

The exercise was conducted in collaboration with UAE Banks Federation (UBF) as part of CBUAE’s mandate to ensure the stability and resilience of the UAE’s financial system through the implementation of sophisticated processes and techniques that can combat the threat of advanced cyberattacks and protect the soundness of the banking system. During the cyberattack simulation drill, participating banks were exposed to real-time scenarios to assess and apply sector level crisis management strategies.

CBUAE urged banks to bolster their defences against such attacks and confirmed its commitment to continue the development of its information technology infrastructure and cybersecurity capabilities in line with the international standard and best practices. CBUAE will continue to build on this milestone through cross-sector collaborations to further enhance the sector’s resilience and protect the national financial system from threats.

CBUAE is responsible for supporting monetary and financial stability and sustaining economic growth in the UAE. It achieves this through supervision, prudent reserve management and the development of a robust financial infrastructure and policies in line with international best practices. At the central bank, a diverse and expert community of professionals play a critical role.

In November 2020, CBUAE issued a new regulation on Stored Value Facilities (SVF) in an effort to ensure that stored value products and services are operated in a secure, sound and efficient manner.