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
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