Dubai, UAE: The Dubai Financial Services Authority (DFSA) has today published a report on its first industry-level cyber simulation exercise. The exercise was conducted across the DIFC in partnership with Control Risks, a consulting firm. A copy of the report can be found here on the DFSA website.
In May 2023 the DFSA, conducted a cyber simulation exercise involving 17 Authorised Firms in the DIFC. The activity provided an opportunity for firms to assess and improve the effectiveness of their cyber crisis management capabilities and improve the DFSA’s capability to respond to a widespread cyber incident. The report provides an overview of the key elements of the exercise and a summary of findings.
The exercise forms part of the DFSA’s efforts to improve cybersecurity awareness and to support continued development of cyber resilience within DIFC Firms. In addition to the exercise, the DFSA recently published a suite of cyber risk management Rules. The Rules will come in to force on 1 January 2024, and can be found here. All DIFC Authorised Persons are expected to begin implementing the requirements.
Ian Johnston, Chief Executive of the DFSA, said: “Establishing and promoting high levels of cyber resilience and security in the DIFC is a high priority for the DFSA. In recent years, we have been engaging with firms in the Centre through various outreach activities and our Cyber Threat Intelligence Platform, to boost knowledge of good cyber resilience and hygiene. Our cyber simulation exercise gave firms the opportunity to test their cyber risk management frameworks in a safe and controlled environment and to receive expert feedback. We will continue to work with firms to build their cyber awareness and encourage best practice.”
The DFSA reminds DIFC Authorised Persons to report to it without delay, if they have information which reasonably suggests, that a material Cyber Incident has occurred. The notification form is located on the DFSA ePortal.
The DFSA encourages firms to register for the DFSA Cyber Threat Intelligence Platform (TIP), via the DFSA ePortal, in order to receive timely cyber threat information.
For further information please contact:
Corporate Communications
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Dubai, UAE
Tel: +971 (0)4 362 1613
Email: DFSAcorpcomms@dfsa.ae
www.dfsa.ae
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose built financial free zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, crowdfunding platforms, money services, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies to regulated firms and Designated Non-Financial Businesses and Professions in the DIFC. Please refer to the DFSA's website for more information.
Ian Johnston was appointed Chief Executive of the DFSA in September 2022. He previously served as the DFSA’s Chief Executive from 2012 to 2018. A lawyer by background, Ian had several senior executive roles in the private sector, including as CEO of one of Australia’s major trustee companies. The second half of his career being in regulation, Ian was an Executive Director at the Australian Securities and Investments Commission; Special Advisor at the Hong Kong Securities and Futures Commission; and, since 2019, consulting to and advising a number of financial regulators in Europe, Asia and the Middle East.
