PHOTO
Taking its efforts to improve defence against increasing threats from cybercriminals to a new level, UAE Banks Federation (UBF) today (16 September, 2018) hosted a workshop on “Customer Security Programme” for banking professionals, in collaboration with SWIFT, the world’s leading provider of secure financial messaging services.
“Over the past years, banks and financial institutions have put in tremendous efforts to combat cyber-attacks and to sustain an ecosystem where customers can fulfill their banking needs in a secure environment without being threatened by web criminals. These endeavours have proved to be successful and effective to a great extent. However, the cyber threat landscape continues to evolve with both organized and isolated cybercrimes becoming more sophisticated as new technologies emerge,” said HE AbdulAziz Al Ghurair, Chairman of UAE Banks Federation.
“The rapidly growing cyber risks have forced both SWIFT and its customers to remain vigilant and proactive over the long-term. While customers are responsible for protecting their own environments, SWIFT has established the Customer Security Programme (CSP) to support them in the fight against cyber-attacks. UBF has long identified that raising stakeholders' awareness in the banking industry is a pre-condition for the successful implementation of new systems to curb cybercrimes and the workshop is a natural outcome of this understanding,” added HE Al Ghurair.
Held in Abu Dhabi, the workshop attracted more than 100 information security officers, operations and IT infrastructure managers from UBF member banks and financial institutions, as well as SWIFT administrators in the UAE. The event highlighted the rising importance of building a resilient defence against ever-evolving cyber-attacks in the banking and financial industry to safeguard the interests of banks, stakeholders and customers in particular.
The workshop provided the participants with insights on actions banks must introduce to ensure their compliance with CSP in 2018 as well as to prepare and budget for the programme implementation in 2019. In addition, different sessions focused on SWIFT Customer Security Controls Framework (CSCF), KYC-SA V3 attestation and data consultation, and CSCF V2019 controls.
The workshop also featured a thought-provoking panel discussion led by renowned industry experts including Pillairkulam Parthasarathy, CISO & head of Operational risk, FAB; Mark Buysse, Head of Professional Services and Customer Security Programme in Middle East and Africa region at SWIFT; Grant Niven, Associate Partner, FS Technology Advisory Leader (MENA), Ernst & Young; and Sudharsan Srinivasan, Director, Advisory Services, Ernst & Young.
The panel, titled ‘Cyber Security Defense in UAE: Challenges and Ways of Collaboration’, shed light on the latest trends pertaining to cybercrimes reported and detected in the UAE. The experts also highlighted various steps and controls initiated by the Central Bank of the UAE to develop and protect a robust banking ecosystem in the country. They also explored the global banking regulators' perspectives on CSP, attestation as well as audit processes. Furthermore, panelists and attendees shared their experiences of CSP attestation in 2017.
SWIFT launched the Customer Security Programme with the objective of supporting customers in the fight against cyber-attacks. The programme is designed around three mutually reinforcing areas, such as protect and secure local environment, prevent and detect fraud in commercial relationships, and continuously share information and prepare to defend against future cyber threats.
-Ends-
About UAE Banks Federation:
Established in 1982, the UAE Banks Federation is a professional representative body comprising 50-member banks operating in the UAE. The Federation advocates all banks' interests, and enhances cooperation and coordination among them, in order to promote and upgrade the UAE's banking industry for the benefit of the banking sector, its customers, and the national economy.
The UAE Banks Federation's mission and objectives are focused on representing its member banks and defending their interests and rights. The federation provide a platform for cooperation and exchange of ideas and opinions among member banks and plays a major role in raising public awareness around the beneficial role and distinctive financial, economic and social contribution of the banks to the UAE.
The Federation has an Advisory Council consisting of 28 Bank CEOs which oversees the implementation of the policies, follows up on UBF's activities and makes necessary decisions, and 20 specialized technical committees who discuss all relevant banking issues.
Media contact:
UAE Banks Federation
Emad Al Ghadban
Head - Public Relations & Communications
Phone: +971 2446 7706
E-mail: emad@uaebf.ae
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
