The Central Bank of the UAE (CBUAE) conducted on Sunday a first-of-its-kind cyberattack simulation exercise designed to test the resilience of the country’s banking sector against cyber threats.
“The exercise affirms CBUAE’s preparedness to prevent or mitigate cyber threats that may cause disruptions to the UAE’s economy and financial stability,” a statement by CBUAE explained.
The exercise was conducted – in collaboration with the UAE Banks Federation (UBF) – under the Central Bank’s mandate to ensure the stability and resilience of the UAE’s financial system through the implementation of sophisticated processes and techniques that can combat the threat of advanced cyberattacks and protect the soundness of the banking system.
During the cyberattack simulation drill, participating banks were exposed to real-time scenarios to assess and apply sector level crisis management strategies.
CBUAE urged banks to bolster their defenses against such attacks and confirmed its commitment to continue the development of its Information technology infrastructure and cybersecurity capabilities in line with the international standard and best practices.
Attacks on financial institutions spiked by a massive 238 percent from the beginning of February to the end of April 2020, as cyber-criminals took advantage of peaks in the COVID-19 news cycle, according to VMware Carbon Black.
According to Accenture, the cost to address and contain cyber-attacks is higher for financial services than any other sector.
CBUAE is responsible for supporting monetary and financial stability and sustaining economic growth in the UAE. It achieves this through supervision, prudent reserve management and the development of a robust financial infrastructure and policies in line with international best practices.