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 ArticleBank of Italy Extends Dividend Payout and P2G Guidance Amid Crisis
FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.
HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.
FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).
HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).
HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.
In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.
EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.
PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.
FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.
EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).