UBF, SWIFT partner up to combat cyberattacks across UAE banks

The conference has taken place in Abu Dhabi and has brought together banking industry experts to tackle the widespread execution of SWIFT CSP, according to a press release.

The programme aims at helping banks to combat all types of cyberattack threats by providing them with the necessary information and tools to alleviate electronic financial frauds.

Through this initiative, the UBF and SWIFT seek to strengthen the overall security of the global banking system by enhancing information sharing throughout the community, upgrading SWIFT-related tools for customers, sharing best practices for fraud detection, and improving support by third party providers.

AbdulAziz Ghurair, chairman of UBF, commented: “In line with our commitment to foster a safer and more protected banking environment across the UAE, we are delighted to collaborate with SWIFT to encourage the industry-wide adoption of the SWIFT CSP.”

“Cybercriminals are becoming quickly smarter, and we are developing more sophisticated technologies that are becoming fundamental for banks to implement innovative platforms that promote improved transaction processes and provide relief and security for customers,” Ghurair added.

Moreover, SWIFT’s Head of the Middle East, North Africa & Turkey Onur Ozan said: “With the Customer Security Programme, SWIFT is reinforcing the security of the entire global banking system. Worldwide, financial institutions are adopting SWIFT’s CSP as attackers prove increasingly determined and cunning. The CSP is delivering tangible results, supporting institutions in stepping up to this growing threat.”

It is worth noting that SWIFT has also recently launched the Customer Security Control Framework (CSCF) through the programme, which can help customers boost and improve cyber security standards across the UAE.