UBF reaffirms commitment to strengthen digital infrastructure of financial and banking sector
This came during the honouring of UBF with the 'Best Cybersecurity Strategy Implementation' award as part of the National Cybersecurity Excellence Awards in recognition of its efforts and innovative initiatives to provide a digital environment that contributes to enabling institutions operating in the financial and banking sector to grow and keep pace with the accelerated developments in the world.
The selection of UBF for cybersecurity excellence awards by the UAE Cybersecurity Council (CSC) is a testament to the Federation's efforts to provide a secure banking and financial system by ensuring compliance with legislative and regulatory frameworks and keeping pace with advanced technologies to provide best services to customers in a reliable banking environment and comply with all the laws and regulations of the CBUAE.
UBF's initiatives on anti-fraud and financial crime and the promotion of advanced digital infrastructure contribute to raising competitiveness of the UAE and making it one of the best countries in the world in digital transformation and cybersecurity. The Federation also organises the National Fraud Awareness Campaign, which raises awareness of the risks of fraud, as well as other spiralised events to identify potential threats of advanced technologies such as cloud computing and artificial intelligence, and how to deal with them.
Mr. Jamal Saleh, Director General of UBF, said: 'At UBF, we are proud of this coveted award by the UAE Cybersecurity Council (CSC) as we put cybersecurity at top of our priorities and work in cooperation with CBUAE, which focuses on importance of proactive approach in dealing with threats and laying the necessary foundations to confront them to grow and further strengthen the UAE's position as a leading financial, banking, and trade hub'.
He explained that the rapid growth of advanced technology adoption in the banking and financial sector has indirectly led to rise of some risks related to the security of transactions and digital infrastructure, which prompted UBF to launch many initiatives to ensure security of digital infrastructure.
The Director General of UBF pointed out to the effectiveness of the Cyber Wargaming event, the largest event of its kind in the Middle East which is organised annually by the Federation, in developing protection systems and providing a secure and advanced environment for customers.
'The Cyber Wargaming event play a vital role in enhancing our capabilities as it provides employees in the banking and financial sector with the ability to assess strengths and areas that require further development, and allows them to exchange experiences and knowledge. A number of cybersecurity teams, experts, and executives from UBF member banks, financial and technological institutions, strategic partners, and representatives from central banks across the GCC participate in the event, which is organised under the supervision of CBUAE and the UAE Cybersecurity Council,' he explained.
Mr. Jamal Saleh praised the CBUAE's role of the UAE central bank in developing appropriate frameworks that ensure the protection of customers and the financial and banking system and an environment to promote economic growth and stability. 'These steps have enhanced the confidence in the banking sector in the UAE, which maintains a leading position among the best financial and banking centres in the world in terms of customer confidence in the sector at a rate of over 90%, and the UAE banking sector maintains its place as the most trusted sector in the country.
He stressed that UBF is committed to continuous development to preserve customers' interests, financial and banking system's stability, and deal with challenges posed by technological revolution. 'The frameworks in the UAE enhance capabilities of the banking and financial system in risk management, transparency, governance, combating fraud and financial crimes, under the direct supervision of CBUAE'.
The Director General of UBF reiterated the Federation's commitment to redouble efforts and increase qualitative investments in human capital, advanced technologies, and methods to enhance the capabilities of the banking industry in countering cyber risks and combating financial crimes.
About UAE Banks Federation (UBF):
Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 64 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE's banking ecosystem for the benefit of members, customers, and the overall UAE economy.
UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country.
UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks.
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