back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

CBUAE conducts cyberattack simulation on banking sector

By Edil Corneille

January 25, 2021

  • Cbuae
  • UAE
Share

CBUAE, regulation, payment, FinTech, digital, UAE, cybersecurityThe 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.

Previous Article

January 25, 2021

MoneyGram partners with Checkout.com and expands Visa debit card deposit service across Europe

Read More
Next Article

January 25, 2021

National Bank of Bahrain (NBB) launches digital banking platform

Read More










IBSi Daily News Analysis

The Weekly Wrap

October 07, 2022

Cbuae

The Weekly Wrap: all you need to know by Friday COB | Oct 7th

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

7 FinTech tweets you should see!

Read More

Today

UT Federal Credit Union partners with Lumin Digital for enhanced digital banking services

Read More

Today

BKN301 Tech launches 301pay

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022