Financial Crime World

Cybersecurity Risks in Finance: UAE Partners with US Treasury to Enhance Cooperation

============================================================

The United Arab Emirates (UAE) and the US Department of the Treasury have finalized a bilateral Memorandum of Understanding on Cybersecurity Cooperation, aimed at strengthening cooperation between the two nations to combat cybersecurity threats in the financial sector.

Background

The partnership builds upon a visit by Deputy Secretary of the Treasury Wally Adeyemo to the UAE in November 2021, which established a bilateral partnership to protect critical infrastructure in the financial sector and recognized the importance of deepening cooperation on cybersecurity.

Key Areas of Cooperation

  • Information Sharing: The agreement includes the sharing of cybersecurity information related to incidents and threats in the financial sector.
  • Staff Training: Staff training and study visits will be conducted to promote cooperation in the area of cybersecurity.
  • Competency-Building Activities: Cross-border cybersecurity exercises will be conducted to build capacity and improve response times to cyber threats.

Significance

The partnership is part of the Treasury’s continued collaborative approach to improving cybersecurity outcomes for the financial system, including public-private partnerships and close relationships with international partners. The Biden Administration has made combating ransomware a top priority, and this agreement is seen as a key step in that effort.

Quotes

  • “As cyber-attacks become more complex, close cooperation is essential to prevent these attacks from impacting the international financial system.” - Dr. Mohamad Al Kuwaiti, Head of Cyber Security
  • “We are pleased to have the government of the United Arab Emirates as partners in our global effort to combat these threats.” - Todd Conklin, Treasury Deputy Assistant Secretary for the Office of Cybersecurity and Critical Infrastructure Protection

Impact

The partnership comes at a critical time for the UAE’s financial sector, which has seen a significant increase in cybersecurity breaches and attacks in recent years. The agreement is expected to enhance the UAE’s ability to respond to cyber threats and protect its financial institutions from harm.

Conclusion

In conclusion, the Memorandum of Understanding on Cybersecurity Cooperation between the UAE and US Treasury marks an important step forward in combating cybersecurity risks in finance. The partnership will help strengthen cooperation between the two nations and improve response times to cyber threats, ultimately enhancing the security and stability of the international financial system.