2023-12-18 19:53:50
The UAE Banks Federation stressed the importance of continuing efforts to develop the banking sector and studying the latest trends to ensure maintaining its leadership position, protecting the digital infrastructure, enhancing the security level of advanced payment solutions, and keeping pace with developments and rapid transformations in modern technologies, in line with the directives of the Central Bank of the United Arab Emirates, which is keen to Supporting, accelerating and developing digital transformation while providing the highest levels of security and enhancing cybersecurity.
This came during the event organized by the Information Security Management Committees and the Information Security Advisory Committee of the UAE Banks Federation, in cooperation with MasterCard, to anticipate future threats (Threatcasting). Participants in the event focused on potential future threats to advanced technology such as quantum computing and artificial intelligence.
Organizing this event comes within the ongoing efforts of the UAE Banks Federation to ensure the provision of a safe banking experience in light of the rapid developments in employing advanced technology in the banking and financial sector, which requires the importance of anticipating potential future threats to know the most likely risks that may occur in light of the adoption of these modern technologies. And develop appropriate solutions to deal with them.
MasterCard is working in cooperation with futures expert Professor Brian David Johnson, Director of the Future Forecasts Laboratory at Arizona State University, and with a number of experts in the economic, social and cultural fields and workers in the public and private sectors, to conduct workshops and exercises to develop practical models to anticipate and understand potential future threats. During the next ten years.
The event witnessed the division of participants from various member banks of the UAE Banks Federation into groups, each of which studied potential threats and their effects on the financial and banking sector and the best possible ways to deal with these threats in order to ensure the safety of the digital infrastructure, and that customers are not affected by any threats.
Employing technology
Jamal Saleh, Director General of the UAE Banks Federation, said: “The UAE banking sector is considered one of the most innovative and advanced sectors that employs advanced technology, as it operates under the direct supervision of the Central Bank of the United Arab Emirates, which is keen to develop appropriate policies and frameworks to keep pace with technological developments with the aim of providing the best services to customers.” In a safe, reliable and seamless environment.
In this context, organizing this event comes to anticipate and anticipate future threats to help the banking and financial sector prepare proactively by developing future scenarios to deal with potential threats.”
He explained, “Cooperation with the pioneers of futures science confirms the approach followed by the UAE Banks Federation to keep pace with the latest developments in order to maintain the leading position of the banking and financial sector in the UAE, as anticipating future threats – Threatcasting – is considered one of the latest strategies in the world to keep pace with rapid developments, especially with regard to modern technologies.” Such as blockchain, artificial intelligence, and quantum computing.”
He added, “Organizing this event represents a continuation of our efforts aimed at protecting the digital infrastructure of the banking and financial sector. During the past year, we organized the largest cyber war games event in the region, which focuses on taking a forward-looking approach and following best practices to raise the level of security and protection of the digital infrastructure of the banking and financial sector, and provide A safe environment for customers, by conducting a realistic simulation experiment to learn the response capabilities of cybersecurity teams in dealing with attacks, and discovering strengths and vulnerabilities by dealing with virtual attacks designed by experts in the field.”
He stressed the remarkable growth in the adoption of advanced banking technology in the Emirates, as well as the high levels of customer confidence in the banking sector, as the Emirates ranks second in the world in terms of customer confidence in banks at a rate of 84%, which motivates the Union to study future trends to maintain these gains. And achieve more achievements for the banking sector to play its role in economic and social development.
Future threats
It is noteworthy that the “Threatcasting” strategy for anticipating future threats focuses on various aspects that may affect a specific sector, as its application in the banking and financial sector contributes to developing appropriate scenarios and solutions to prevent fraud and expected changes in legislative and regulatory frameworks, and how to maintain customer confidence through knowledge of threats and response. Moreover, this strategy contributes to achieving operational flexibility for the banking sector in dealing with rapid developments and crises, so that it is able to better protect its systems, data, and the interests of its customers, and promote a safer and more flexible financial environment.
1702934380
#UAE #Banks #Federation #stresses #importance #keeping #developments #enhance #sector #leadership
