UBF initiates cyber threat data sharing

dubai — The UAE Banks Federation (UBF) has announced the launch of a new initiative aimed at facilitating cyber threat information sharing among banks to reduce cyber risks and mitigate threats to banks and their customers.

The Cyber Threat Intelligence Initiative 2017 was launched after the Federation’s CEOs Advisory Council approved in March a proposal submitted by the Information Security Committee, calling for the creation of a cyber intelligence sharing platform which will allow banks to better identify, protect, detect and respond to cyber-attacks.

The new intelligence sharing platform will enable member banks to seamlessly collect, analyse and share data on cyber threats, while allowing for anonymous reporting and alert management. This will allow banks to gain a comprehensive understanding of the cyber threat landscape and be better prepared to respond to emerging threats.

“Providing a robust platform for collection and sharing of cyber threat Intelligence will allow banks to answer the ‘who, what, where, when, why, and how’ questions needed for immediate decisions and actions required,” said Abdul Aziz Al Ghurair, chairman of UBF. “By seamlessly sharing business-critical information with each other, banks will be able to prevent and reduce sensitive data exposure and make better, more informed decisions around risk management and the investment needed for their cybersecurity strategies. Such intra-sectoral collaboration will allow the banking industry to become more cyber resilient, ultimately providing greater transaction security and peace of mind for banking customers in the country.”