DFSA launches initiative against cybercrime

The Dubai Financial Services Authority (DFSA) is initiating a cyber threat intelligence platform in partnership with the Dubai Electronic Security Centre, the National Computer Emergency Response Team and the Computer Incident Response Center Luxembourg. The platform, which is scheduled to go live in January 2020, will help companies in the Dubai International Financial Centre strengthen their cyber security framework and minimise any cyber risks.

According to the DFSA, cyber risk is widespread and negatively impacts businesses. Thus, all participants across industries must partake in an open dialogue about cyber security. The platform will harbour an ecosystem that encourages information exchange and offers enhanced cyber threat intelligence solutions. A first of its kind regulator-led platform in the region, it will be operated and managed in coordination with Help AG, a leading information security services, consultancy, and solutions provider. This initiative is a vehicle towards a broader strategy of DFSA that aims to spread awareness about cyber threat. This information will be used by businesses in DIFC to identify and prevent cyber attacks.

According to a study by Ponemon Institute, the Middle East is the second highest in terms of data breach costs ($6 million for each one).