Cyber Wargaming – how the UAE Banks Federation protects against cyberattack

It’s called “Cyber Wargaming 2024,” and it’s being conducted under the supervision of the Central Bank of the UAE and the UAE Government’s Cyber Security Council. Cyber Wargaming was a big success for the second games in 2022 in the Middle East — the UAE Banks Federation (UBF) organized the third edition of Cyber Wargaming this year. The event has specially designed simulated cyberattacks to learn about the security of UBF member banks. These games reveal the security, risks, strengths, and gaps in security. The cybersecurity exercises improve the procedures that protect the banks along with the varied knowledge, techniques, and methods used to protect the banks.

Abdulla Matar Al Muhairi, Head of the Banking Supervision Department at the Central Bank of the UAE, spoke of the vital importance and the role of strengthening the resilience of the financial infrastructure in the banking sector. The banking sector must have a preparedness to defend against cyberattacks.

The Cyber Wargaming 2024 event will focus on developing capabilities to protect the digital infrastructure of banking.

Mr. Jamal Saleh, Director General of UBF, said: “At UBF, we continue our efforts to ensure safe and smooth banking operations in the face of rapid developments in the use of advanced technologies in the banking and financial sector. The organization of these cyber security workshops confirms our commitment to prioritize the security of the banking system and information security. We do this under the direct supervision of the Central Bank of the UAE, which is keen to develop the necessary regulatory frameworks and technologies to keep up with the latest developments and provide customers with the best services in a reliable banking environment.”

The Director General added: “Following the great success of the exercises we organized in October 2022; many entities and institutions have recognized the importance of this event in identifying and preparing banking cadres for potential cyberattacks and threats and to be prepared in the face of the acceleration of digital transformation in the financial sector by the development of digital security systems. The large turnout at this event also reflects the commitment of member banks and financial institutions to create a secure environment through events and training programs conducted by our member banks, which provide banking and financial sector employees with the opportunity to learn about the aspects that require further development to enhance cyber security, which is a key pillar in consolidating the UAE’s position as a leading banking and financial center in the region.”

The recent Threatcasting Event focused on credit card risks

The Cyber Wargaming 2024 event will focus on developing capabilities to protect the digital infrastructure of banking. The emergence of fraud and various cyber threats has made such events a way to secure the banking environment. This Cyber Wargaming event will spread much-needed awareness about the risks of fraud and one’s need to stay vigilant and protect accounts.

This group of forward-thinking individuals recently held an event called Threatcasting Event in collaboration with MasterCard that focused on potential future threats from advanced technologies such as quantum computing and AI, as well as how to deal effectively with these threats.

Featured Image Credit: ExpectBest; Pexels

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is an editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind, Editor in Chief for Calendar, editor at Entrepreneur media, and has over 20+ years of experience in content management and content development.