UBF initiatives help ward off cyber attacks

The UAE’s banking sector has been successful in warding off major cyber attacks despite increasing threats, the UAE Banks Federation, or UBF, said on Monday.

Nasser Sarris, General Manager of UBF, said banks body, a representative forum comprising 48 member banks operating in the UAE, has taken all possible efforts against cyber threats considering it as a top priority. “The UBF initiative of cyber threat intelligence sharing platform launched this year is a step forward to protect the cyber space of banks” he said.

“Cyber criminals are posing an increasing threat to all businesses alike around the globe. It should come as no surprise that the financial industry is a top target for attackers; with the entry of new players and technologies like fintech and blockchain, the financial services sector has become a magnet for hackers and fraudsters,” said Sarris.

While there are many reasons why the industry continues to face threats despite

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