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UAE conducts cyberattack simulation on banking sector

Dubai - Central Bank tests banks' resilience against cyber threats.

The UAE Central Bank conducted the first-of-its-kind cyberattack simulation exercise to test the resilience of the country’s banking sector against any potential cyber threats.

The regulator said the exercise was conducted in collaboration with UAE Banks Federation (UBF) to ensure the stability and resilience of the financial system through the implementation of sophisticated processes and techniques that can combat the threat of advanced cyberattacks and protect the country's banking system.

During the cyberattack simulation drill, participating banks were exposed to real-time scenarios to assess and apply sector level crisis management strategies.

The Central Bank urged lenders to bolster their defences against such attacks and reinforced its commitment to continue the development of information technology (IT) infrastructure and cybersecurity capabilities in line with the international standard and best practices.

The Telecommunication Regulatory Authority (TRA) had said that over 200 cyberattacks were reported against the public and private sector entities in the first eight months of last year, as compared to 317 during the same period in the previous year.

waheedabbas@khaleejtimes.com