The Central Bank of the United Arab Emirates (CBUAE) has established a new CBUAE Networking and Cyber Security Operations Center to improve the protection and security of the country’s essential financial infrastructure from cyberattacks.
The Center, which will be located at CBUAE’s Abu Dhabi headquarters, will be the foremost security operations center for the financial sector in the UAE. It will provide best practices and guidelines for managing security threats and vulnerabilities in order to protect the information infrastructure of the country’s licensed financial institutions.
The Center will also support all CBUAE-managed and operating systems, applications, and services, according to the Central Bank.
“In line with the CBUAE’s overarching vision, the CBUAE Networking and Cyber Security Operations Center will strengthen the UAE’s monetary and financial systems. As Cyber-security threats become increasingly sophisticated, it is critical that we have the necessary framework to protect our financial institutions, their infrastructure, processes, and people from these challenges. Through the development of cyber security information-sharing mechanism with the financial sector and relevant international institutions, this Center will build greater resilience and preparedness of the sector and contribute to cyber security and sustainable economic growth.”
CBUAE will continue to develop its practices as technological advancements and cyber-threats evolve to prevent, detect and mitigate risks in order to achieve its strategic objectives of fostering financial and monetary stability, efficiency, and resilience in the Emirates’ financial system, as per the statement.
Earlier this year, CBUAE issued new instructions for its licensed financial institutions (LFIs) on transaction monitoring and sanctions screening to promote anti-money laundering.