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EIBFS hosts cybersecurity workshop for UAE banking sector.

Emirates Institute for Banking and Financial Studies (EIBFS) held a cybersecurity conference highlighting the growing cyber risks in the region.

The workshop attracted more than 30 mid-to-senior-level

professionals from the financial services sector. Cybersecurity specialists

from a range of consulting firms and financial establishments, including

DarkMatter, BAE Systems and Kaspersky mapped the cyber threat scene in the

region and shared best practices for protecting IT infrastructures.

Jamal Al Jassmi, general manager of EIBFS, said: "It is extremely

important for our banks to raise their level of emergency response preparedness

to protect data and mitigate risks so that they can guarantee maximum security for

their individual and corporate customers and stakeholders."

He added: "Bankers are interested in gaining deeper insight into crucial

cybersecurity issues, such as data confidentiality and privacy, securing

electronic payment gateways, and building shields against distributed denial of

service (DDoS) attacks. Our main purpose in organising this workshop was to

highlight the most pressing challenges in this emerging field."

Simon Goldsmith, head of Sales of

Cyber Security and Financial Crime at BAE Systems, added: "In the past criminal

gangs physically attacked banks to steal the money of the bank and its

customers - a very dangerous business. But with significant levels of cyber-attacks

targeted at banks in the UAE it is clear criminal gangs have realised it's less

dangerous, less costly and potentially very lucrative to pay someone, who may

not even be in the same country, to provide access to someone else's money from

the relative safety of a computer desk.

He further added: "With this

threat in mind, our research found disconnects between responses of C-suites and

IT departments of leading businesses in the UAE. These disconnects create

intelligence gaps for attackers to exploit."

Experts advised that attendees should prioritise the enhancements

of their existing cybersecurity programs.

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Article Type:Conference notes
Date:Apr 4, 2017
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