Emirates News Agency – Protecting the financial system from cyber breaches is a priority, experts say

DUBAI, 13th April, 2022 (WAM) — The Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and financial education and training, has hosted a webinar to assess current cybersecurity challenges that financial institutions and services in the UAE could face and the importance of having proactive measures to protect businesses against cyberattacks.

The virtual session titled “Cybersecurity Challenges and Protecting the Digital Revolution” is part of the conversational learning initiative EIBFS, which aims to hold periodic discussions to cover current banking and financial topics within the framework of its community outreach goals.

The webinar attracted over 100 participants and a panel of experts, including Praveen Vackayil, Senior Manager Digital Trust at PwC (Middle East), Sheikh Shadab Nawaz, Director of KPMG Lower Gulf Limited, Jayakaran Paul, SVP & Head of Cyber Security & IAM at FAB, and was moderated by Chandran S, Director of Cyberfort Digisec Solutions, India.

During the session, the speakers highlighted the challenges posed by the ongoing digital revolution characterized by the emergence of advanced technologies such as e-government, e-commerce, blockchains, payment services mobile, online banking and the cloud. computer, among others.

Experts also explained why cyber threats have been ranked among the top risks facing the world. Saying that intrusions, data breaches, ransomware, defacements, phishing and fraud are proliferating, as organizations become increasingly reliant on technology, causing increased exposure to cyberattacks. Advise companies to be more proactive in implementing and testing their cyber defenses.

Commenting on the session, Jamal Al Jassmi, Managing Director of EIBFS, said, “Through this thought-provoking webinar, we aim to help financial services participants understand and take proactive steps to strengthen their cybersecurity in line with the strategies and UAE government initiatives that aim to create a secure and robust cyberinfrastructure to empower individuals and businesses in the country.

He added, “Our webinar also shed light on the cybersecurity challenges that financial service providers are currently facing and ways in which they can overcome them. Cybersecurity is a shared responsibility and at EIBFS we offer a number of programs that address cybersecurity risks in banking from intermediate to more specialized courses. We hope that our customers will benefit from the important information that was shared during the session. »

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Don F. Davis