Dubai FSA Alerts Institutions to Increased Cyber-Security Risk
Dubai FSA is alerting institutions to the increased risk of cyber attacks, as it has observed an increase in attacks leveraging known and new malware and a soaring number of newly registered malicious domains referencing COVID-19 since March. Amid these circumstances, Dubai FSA also announced that its Cyber Threat Intelligence Platform (TIP) is gaining traction, as more than 130 DFSA-authorized firms and DFIC-registered [Dubai International Financial Center] companies have joined the platform. Based on the information collected so far, one of the most prominent threats relate to direct targeting of banking customers to obtain credit card data and banking credentials.
The Dubai FSA launched its Cyber Threat Intelligence Platform in January 2020. Since its launch, the Threat Intelligence Platform has collected information on threat actors targeting the Middle East and North Africa region, especially the United Arab Emirates (UAE). The most prominent threats affecting the finance sector fall into three primary categories. These categories include the direct targeting of banking customers to obtain credit card data and banking credentials; ransomware attacks; and the targeting of the finance sector by cyber-criminal syndicates. The Threat Intelligence platform provided members with information and technical indicators on a multitude of cyber threats, with an average of 160 new threats per week. The Threat Intelligence platform is the first financial services regulator-led cyber-threat intelligence platform in the region and is delivered in collaboration with leading government entities—the Dubai Electronic Security Center (DESC), the National Computer Emergency Response Team for the UAE (aeCERT), and the Computer Incident Response Center Luxembourg (CIRCL). The platform is available at no cost to all Dubai FSA-authorized and DIFC-registered companies.
Related Link: Press Release
Keywords: Middle East and Africa, Dubai, Banking, Cyber Risk, TIP, Cyber Threat Intelligence Platform, DIFC, COVID-19, Dubai FSA
Previous Article
DNB Publishes Several Reporting Updates for Banks in August 2020Related Articles
FINMA Approves Merger of Credit Suisse and UBS
The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.
BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks
The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
MFSA Sets Out Supervisory Priorities, Issues Reporting Updates
The Malta Financial Services Authority (MFSA) outlined its supervisory priorities for 2023
German Regulators Issue Multiple Reporting Updates for Banks
Deutsche Bundesbank published the nationally deactivated validation rules for the German Commercial Code (HGB) users on the taxonomy 3.2, which became valid from December 31, 2022
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.
