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Sun 29 Dec 2019 03:16 PM

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Dubai sets up special platform to combat cyber threats

Cyber Threat Intelligence Platform will go live in January 2020

Dubai sets up special platform to combat cyber threats
Image for illustrative purposes only.

Dubai’s financial regulator has set up a special platform to help financial firms in the emirate combat the threat of cyber attacks, it was reported on Sunday.

The Dubai Financial Services Authority (DFSA) launched the Cyber Threat Intelligence Platform to help firms based in the Dubai International Financial Centre (DIFC) to put in place safeguards against cyber threats, the state news agency WAM reported.

The platform is part of a collaboration between the Dubai Electronic Security Centre, the National Computer Emergency Response Team and the Computer Incident Response Centre Luxembourg and includes involvement from international cyber experts such as Help AG, Kaspersky, Palo Alto Networks, Cofense, and Recorded Future.

The platform will go live in January 2020.

Bryan Stirewalt, CEO of DFSA, said, "The Platform is designed to strengthen the cyber security environment in the DIFC, with an overarching aim of facilitating businesses in their cyber defences, in a more efficient and coherent manner. It is reflective of the importance of public-private partnerships in combating non-traditional and non-financial risks like cyber security. Many non-financial and non-traditional risks will factor in our operating Business Plan for 2020 and beyond"

In April, DarkMatter, the UAE-based cyber security firm responsible for protecting the IT infrastructure and technologies of Expo 2020 Dubai, said cybercrime is projected to cost $8 trillion to businesses globally in the next five years.

This is especially worrying in the Middle East as the region ranks as the world’s second-highest cost of data breaches, at $6 million for each one, according to a recent report by the Ponemon Institute.

The report revealed that organisations in the region face a wide range of data breach issues – including the world’s highest average number of breached records, at 38,000 per incident, and an average data breach costing $5.97m, both figures about 50 percent higher than the global average

At $5.97m, the Middle East’s average data breach cost was topped only by the United States with $8.19m. The region also landed the world’s longest length in the data breach lifecycle, with a mean average of 381 days.

At the same time, just under half of CEOs in the UAE are prepared for a future cyber attack and, according to the 2019 CEO Outlook – UAE by KPMG, bosses believe an attack on their organisation at some point is inevitable.

Tim Wood, head of cyber security, KPMG, said: “CEOs suggest over 70 percent of them believe that it’s not just a matter of if they get attacked, but when, because they know this is happening. So there’s a real understanding in the CEO community of the threat of cyber attacks.”

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