Abu Dhabi, United Arab Emirates: UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, emphasised the importance of redoubling efforts to protect the digital infrastructure of banking and financial services. Under the supervision of the Central Bank of the UAE (CBUAE) and the UAE Cyber Security Council, these efforts aim to ensure a seamless and secure experience for all customer segments, while reinforcing the UAE’s position as a leading regional and global financial and banking hub. 

UBF called for greater coordination and integration among various stakeholders, including regulatory authorities, financial and banking institutions, technology providers, and individuals, stressing that protecting the digital infrastructure of financial and banking services is a shared responsibility among all parties involved in and benefiting from financial and banking products and services.

The statement was made during a specialised workshop titled “Cybersecurity Threats to the Financial Services Sector,” organised in collaboration with the UAE Cyber Security Council and Kaspersky, a global leader in cybersecurity solutions. The initiative forms part of joint efforts to enhance the resilience of the financial ecosystem and raise cybersecurity awareness across the UAE’s banking and financial sector.

The workshop brought together senior executives, IT and cybersecurity directors from UAE financial and banking institutions, along with representatives from regulatory authorities and experts from leading global technology firms. Participants discussed the latest trends in cybersecurity, the evolving challenges facing the financial sector, and strategies to strengthen preventive frameworks.

Mr. Jamal Saleh, Director General of UBF, said: “The UAE banking sector continues to adopt and deploy cutting-edge digital solutions while ensuring the highest standards of cybersecurity under the robust frameworks set by the CBUAE and the UAE Cyber Security Council. Their forward-looking vision has been instrumental in safeguarding the financial industry and reinforcing the UAE’s status as a trusted and leading financial and banking hub.”

He added: “Cybersecurity is a shared responsibility and an integral part of the UAE’s digital transformation journey. At the UAE Banks Federation, we are committed to strengthening collaboration among our members and partners to maintain trust and drive innovation within the digital economy — in line with the CBUAE’s Financial Infrastructure Transformation (FIT) Programme, launched in 2023, to accelerate digital transformation, innovation, and collaboration across the financial sector.”

UBF’s Director General also highlighted the Federation’s ongoing initiatives and annual programs such as the Cyber Wargaming, the first and largest of its kind in the Middle East, to enable institutions and companies to operate in a secure and thriving environment through continuous capability development.

During the workshop, a detailed research study on cybersecurity threats to the financial services sector was launched. The study presented an in-depth analysis of current and emerging cybersecurity challenges, key trends, vulnerabilities, and attack patterns targeting banks and financial institutions. It also provided practical recommendations to help financial entities adopt advanced technologies, modern frameworks, and intelligent analytics tools to enhance cyber defences, protect assets, and maintain customer trust.

Key Findings from the Research:

  • Over the past two years, Kaspersky has detected five major APT campaigns targeting financial organizations
  • 42% of all incidents in 2024 involved ransomware.
  • 1 in 14 Info stealer infections result in card data theft.
  • 44% of phishing attempts targeted users of banking services in 2024.
  • 30% of InfoSec professionals are concerned about increases in DDoS attacks.
  • 24% of all cyber incidents in 2024 involved phishing.
  • 26% of all cyber incidents in the past two years were caused by employees intentionally violating information security policies.

The findings highlight the growing sophistication and persistence of cyber threats facing the financial industry, underscoring the importance of continued vigilance, collaboration, and investment in cybersecurity innovation.

About UAE Banks Federation (UBF):

Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 64 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE's banking ecosystem for the benefit of members, customers, and the overall UAE economy.

UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country.

UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks.

For further information, please contact:
Sooyin Lee
UAE Banks Federation
sooyin@uaebf.ae