UAE banks launch ISAC

Banking Frontiers - - Banking In The Gulf -

The UAE Banks Fed­er­a­tion (UBF), the rep­re­sen­ta­tive body of bank­ing in­dus­try com­pris­ing 48-mem­ber banks op­er­at­ing in the UAE, has launched its first In­for­ma­tion Shar­ing and Anal­y­sis Cen­tre (ISAC) in the UAE. The cen­ter is pow­ered by Ano­mali, provider of threat in­tel­li­gence plat­forms. It will ini­tially bring to­gether 13 banks’ cy­ber se­cu­rity data in Ano­mali’s ThreatStream plat­form. This will ag­gre­gate, cor­re­late, and an­a­lyze threat data from mul­ti­ple sources in real-time to sup­port de­fen­sive ac­tions. Ab­dul Aziz Al Ghu­rair, chair­man of UBF, said the or­ga­ni­za­tion is bring­ing the 2017 Cy­ber Threat In­tel­li­gence Ini­tia­tive into im­ple­men­ta­tion and the part­ner­ship with Ano­mali to build this plat­form will al­low banks to get equipped with the tools and in­tel­li­gence to bet­ter iden­tify, pro­tect, de­tect and re­spond to cy­ber-at­tacks. The launch of ISAC comes at a time when fi­nan­cial in­sti­tu­tions around are fac­ing cy­ber se­cu­rity threats. The UAE is the sec­ond most tar­geted coun­try in the Mid­dle East for ‘ran­somware’ at­tacks, in which cy­ber crim­i­nals steal and en­crypt files un­til a ran­som is paid, ac­cord­ing to in­ter­net Se­cu­rity Threat Re­port from Sy­man­tec.

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