The Dubai Financial Services Authority (DFSA) has launched the first financial regulator-led Cyber Threat Intelligence Platform in the region.
The platform was rolled-out in collaboration with the Dubai Electronic Security Center (DESC), the National Computer Emergency Response Team for the UAE (aeCERT), the Computer Incident Response Center Luxembourg (CIRCL) and the Open Source Threat Intelligence and Sharing Platform Project (MISP).
According to the DFSA, it will host the Platform on its infrastructure and will outsource the management and enrichment of the platform to HelpAG. The platform will facilitate the development of a community of information sharing for regulated and non-regulated companies operating in or from the Dubai International Financial Centre (DIFC). It also connects with other respected international cyber security firms, including Palo Alto Networks, Cofense, Kaspersky and Recorded Future.
Bryan Stirewalt, chief executive officer, DFSA, said, “Over the past two years, we have been steadily increasing our supervisory focus on operational resilience, including cyber risk. We are proud to launch the Cyber Threat Intelligence Platform, which brings together a community of cyber experts in a coordinated fight against cyber-attacks and will be a valuable mechanism for all members of the DIFC ecosystem to share information on threats and risks. These intensified efforts support the National Cybersecurity Strategy and the Dubai Cyber Security Strategy and are designed to strengthen the cybersecurity environment in the DIFC.”
Waleed Al Awadhi, chief operating officer, DFSA, said, “We are proud to launch the Cyber Threat Intelligence Platform, the first financial regulator-led platform in the region, which confirms our commitment to support the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in line with the National Cybersecurity Strategy and the Dubai Cyber Security Strategy in order to position Dubai as a leader across all fronts. Through this initiative, we aim to establish an information-sharing community from the DIFC in order to mitigate cyber threats and limiting its impact. The importance of the Platform stems from the fact that it is the first cooperation between the public and private sector, and we are certain that it will achieve positive results that will benefit the economy and the development of the financial sector. On a larger scale, this partnership will help fortify Dubai’s position on the global financial map and its leadership in institutional excellence.”
Abdulla Saleh Buali, Incident Response Team Leader of aeCERT, said, “Cyber-attacks are increasing in frequency and sophistication, and firms generally have a reactive approach to threats. The information shared on the Platform will assist businesses in the DIFC in detecting and preventing cyber-attacks. Hence, we are happy to work hand in hand with the DFSA and other counterparts to provide the means necessary to fortify cybersecurity in the DIFC.”
Amer Sharaf, Director of Compliance Support & Alliances at DESC, said, “We praise the efforts of DFSA for shedding light on the importance of cyber security by launching this initiative, which brings together and raises the awareness of the financial sector community.”
Prior to the launch of the Platform, the DFSA undertook a series of initiatives focusing on cyber risk governance, systems hygiene and resilience. The DFSA also created a specialist supervision team tasked with overseeing how firms manage their cyber risk.