DFSA

DFSA to Launch Regulatory Body Led Cyber Threat Intelligence Platform

The Dubai Financial Services Authority ( DFSA ), a major Middle Eastern financial regulatory monitoring body recently revealed in an announcement that it is all set to launch a cyber threat intelligence platform. This intelligence platform venture is aimed at helping firms in the Dubai International Financial Centre (DIFC) implement appropriate safeguard measures in order to mitigate risks stemming from cyber security issues. The watchdog mentioned that the platform is a result of ongoing co-operation and collaboration with several industry leading firms and organizations such as Dubai Electronic Security Centre (DESC), the National Computer Emergency Response Team (aeCERT) and the Computer Incident Response Center Luxembourg (CIRCL). This intelligence platform venture also sees participation from several major players in the global cyber security sector namely – HelpAG, Kaspersky, Palo Alto Networks, Cofense, and Recorded Future are participating in this initiative and contributing to the Platform.

DFSA claimed in its statement that the need for launch of this platform comes from an ever increasing and evolving risks inform of cyber attacks. The watchdog also said that it viewed cyber risk as an issue that impacts all businesses and is an issue which requires open dialogue and co-operation between industry participants. As the frequency and sophistication of the cyber attacks keeps increasing constantly, firms in this digital age face the need for a reactive approach to these threats which are consistent to some extent. To meet this requirement, the DFSA has launched this regulatory body led initiative in which information will be shared by all participants in the platform which is then expected to assist other businesses in the DIFC in their efforts towards detecting and preventing cyber attacks. The watchdog also stated that this platform is a major milestone in mitigating cyber risk proactively and will benefit the broader DIFC community by creating an ecosystem where information sharing and enriched cyber threat intelligence helps in detecting and mitigating cyber risks.

The DFSA has mentioned that it will host a launch event in order to go live with the platform and that the event is tentatively scheduled to take place sometime in January of 2020. This platform is the first of its kind to be led by regulatory body in Middle Eastern region and is expected to be operated and managed in co-ordination with HelpAG. Once live, the platform is expected to provider cyber threat intelligence to involved parties from DFSA, DIFC and all other firms which contributed towards development of the platform regardless of the firm’s size or ability. The platform is also said to have potential to include the wider business community in its efforts in the future.

Commenting on the platform, Bryan  Stirewalt, Chief Executive Officer of DFSA said, “The Platform is designed to strengthen the cyber security environment in the DIFC, with an overarching aim of facilitating businesses in their cyber defences, in a more efficient and coherent manner. It is reflective of the importance of public-private partnerships in combating non-traditional and non-financial risks like cyber security.  Many non-financial and non-traditional risks will factor in our operating Business Plan for 2020 and beyond”.

Speaking on same note, Waleed Al Awadhi – COO of DFSA added, “The DFSA takes cyber security seriously and is increasing its focus on cyber risk. This initiative is part of a broader DFSA strategy to increase cyber threat awareness and improve cyber resilience in the DIFC, and is aligned with His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai’s UAE National Cybersecurity Strategy and the Dubai Cyber Security Strategy, both of which aim to strengthen the position of Dubai and the United Arab Emirates as a world leader in innovation, safety, and security. The DFSA also has a number of initiatives currently underway including the adoption of disruptive technologies such as Artificial Intelligence and Machine Learning”.

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