UBF Organises Workshop on Customer Security Programme to Step up Combatting Cybercrime in Banking Sector

Technology

UBF Organises Workshop on Customer Security Programme to Step up Combatting Cybercrime in Banking Sector

Taking its initiatives to improve defence against boosting threats from cybercriminals to a new level, UAE Banks Federation (UBF) today (16 September, 2018) hosted a workshop on Customer Security Programme for banking specialists, in partnership with SWIFT, the world's leading company of secure financial messaging services.

" Over the past years, financial institutions and banks have placed in significant initiatives to battle cyber-attacks and also to sustain a community where consumers can meet their banking requirements in a secure setting without being intimidated by web criminals. These endeavours have confirmed to be successful as well as reliable to an excellent degree Nevertheless, the cyber threat landscape remains to progress with both organized as well as separated cybercrimes coming to be more innovative as new modern technologies emerge," said HE AbdulAziz Al Ghurair, Chairman of UAE Banks Federation.

" The swiftly growing cyber risks have required both SWIFT and its customers to stay attentive as well as positive over the long-lasting. While clients are in charge of safeguarding their own atmospheres, SWIFT has established the Customer Safety Programme (CSP) to support them in the battle against cyber-attacks. UBF has long determined that increasing stakeholders; awareness in the financial market is a pre-condition for the effective execution of brand-new systems to suppress cybercrimes and the workshop is an all-natural outcome of this understanding," included HE Al Ghurair.

Held In Abu Dhabi, the workshop drew in more than 100 information gatekeeper, procedures as well as IT framework managers from UBF member banks and financial institutions, in addition to SWIFT administrators in the UAE. The event highlighted the rising importance of constructing a resistant support against ever-evolving cyber-attacks in the financial and financial market to safeguard the interests of banks, stakeholders and also customers in particular.

The workshop gave the individuals with insights on actions financial institutions should present to guarantee their conformity with CSP in 2018 along with to prepare and also budget for the program implementation in 2019. Additionally, various sessions focused on SWIFT. Customer Security Controls Framework (CSCF), KYC-SA V3 attestation as well as data consultation, as well as CSCF V2019 controls.

The workshop also featured a provocative panel discussion led by prominent market professionals consisting of Pillairkulam Parthasarathy, CISO & head of Operational threat, FAB; Mark Buysse, Head of Professional Services and Customer Security Programme in Middle East and Africa region at SWIFT; Grant Niven, Associate Partner, FS Technology Advisory Leader (MENA), Ernst & Young; and Sudharsan Srinivasan, Director, Advisory Services, Ernst & Young.

The panel, entitled 'Cyber Security Defense in UAE: Difficulties as well as Ways of Cooperation', clarified the current patterns relating to cybercrimes reported and discovered in the UAE. The experts also highlighted various steps and controls initiated by the Central Bank of the UAE to create and shield a robust financial ecological community in the country. They also explored the worldwide financial regulatory authorities; viewpoints on CSP, attestation along with audit procedures Additionally, panelists as well as guests shared their experiences of CSP attestation in 2017.

SWIFT launched the Customer Security Programme with the objective of supporting customers in the battle against cyber-attacks. The programme is created around 3 equally strengthening locations, such as safeguard as well as protect regional setting, stop as well as spot fraud in commercial relationships, and continually share info as well as prepare to prevent future cyber threats.