Cybersecurity Risks in Finance Sector a Growing Concern in United Arab Emirates

The United Arab Emirates (UAE) has launched an updated National Cybersecurity strategy aimed at creating a safe and strong cyber infrastructure to support the country’s digital transformation.

Pillars of the Strategy

The strategy is based on five pillars:

Creating a comprehensive legal and regulatory framework that covers all types of cybercrimes
Securing existing and emerging technologies
Protecting small and medium-sized enterprises (SMEs) against common cyber threats
Enabling a vibrant cybersecurity ecosystem by tapping into the growing market in the UAE and the Middle East North Africa (MENA) region
Creating a cybersecurity-aware citizenry by educating citizens about cyber risks

Focus on Cybersecurity Professionals

The strategy’s second pillar focuses on developing capabilities of over 40,000 cybersecurity professionals:

Encouraging students and professionals to pursue careers in cybersecurity
Fostering a vibrant ecosystem of training providers
Creating a cybersecurity-awarere citizenry by educating citizens about cyber risks

Protecting Critical Assets

The strategy prioritizes protecting critical assets across nine sectors, including:

Finance and insurance
Energy
ICT
Government
Electricity and water
Emergency services
Health services
Transportation
Food and agriculture

Additionally, the strategy seeks to establish a robust National Cyber Incident Response Plan to enable swift and coordinated response to cyber incidents in the UAE.

Collaboration and Governance

To achieve its goals, TDRA will work with local and global partners from the public sector, private sector, academia, and international consortia. The agency will monitor progress through multiple governance vehicles, including:

Critical Information Infrastructure Protection Program (CIIP)
National Incident Response Plan
Assessing the strategy’s impact using over 20 clearly-defined key performance metrics

Impact on the Financial Sector

The UAE’s efforts to strengthen its cyber defenses come amid growing concerns about the risks of cyberattacks on the country’s financial sector. With billions of dirhams at stake, the need for robust cybersecurity measures has never been more pressing.

Conclusion

In conclusion, the National Cybersecurity Strategy is a crucial step towards creating a safe and strong cyber infrastructure in the UAE. As the country continues to invest in its digital transformation, it is essential that it prioritizes cybersecurity risks in the finance sector to prevent potential threats from disrupting critical operations.

Dubai has also launched its own Cyber Security Strategy aimed at protecting the emirate’s critical infrastructure and promoting a culture of cybersecurity awareness among citizens.
The strategy is expected to have a significant impact on the region’s cybersecurity landscape. For more information about UAE’s National Cybersecurity Strategy, visit TDRA’s website.