UBF launches first cyber threat sharing platform
Banks in the UAE to share cyber security intelligence on Anomali ThreatStream
The UAE Banks Federation (UBF), the professional representative body of banking industry comprising 48-member banks operating in the UAE, yesterday launched its first Information Sharing and Analysis Centre (ISAC) in the UAE.
The centre 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 analyse threat data from multiple sources in real-time to support defensive actions.
“We are proud to bring the 2017 Cyber Threat Intelligence Initiative into implementation; our 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. It will help to establish the importance and value of seamlessly collecting, sharing and analysing data, while allowing for anonymous reporting. Together, we can then reduce sensitive data exposure and make more informed decisions and investment strategies,” said Abdul Aziz Al Ghurair, chairman of UBF.
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 security-giant Symantec published earlier this year.
The new UBF-ISAC lays the foundations for enhancing the understanding of threat intelligence, showcase the value of collaboration, and provide ongoing training. Founding members include HSBC, CBD, ADCB, Barclays, CBI, Citibank, ENBD, FAB, Mashreq, Noorbank, SCB, ADIB, and NBF.