By: Amr Adel
Dubai – Mubasher: Profits achieved by UAE banks are likely to remain stable in the second half of 2017 compared to the first half of the year, said UAE Banks Federation (UAEBF) chairman on Thursday.
The UAE banking sector, which is considered the largest in the Arab region, has not seen any major lending or other financial services this year, Abdulaziz Al Ghurair told reporters on the sidelines of an event to launch the Middle East's first threat intelligence sharing platform for UAE banks.
The anti-cyber-crime platform - Information Sharing and Analysis Centre (ISAC) - powered by US-based market-leading threat intelligence platforms provider Anomali aims to safeguard the UAE's banks from cyber security breaches, he said.
This new system will have a positive impact on the UAE banking sector, the official said, noting that the system aims to counter the rise in cyber attacks in the region and on local banks.
"Initially, 13 founding banks of [UAEBF] will share cyber security intelligence in new UBF-ISAC, powered by Anomali ThreatStream, but later on the platform's service would be extended to other banks and even other [sectors]," Al Ghurair, who doubles as Mashreq Bank’s CEO, revealed.
Founding members of UBF include HSBC, the Commercial Bank of Dubai (CBD), Abu Dhabi Commercial Bank (ADCB), Barclays, Commercial Bank International (CBI), Citibank, Emirates NBD, First Abu Dhabi Bank (FAB), Mashreq Bank, Noor Bank, SCB, Abu Dhabi Islamic Bank (ADIB), and NBF.
The banking sector is the most susceptible to such attacks, Al Ghurair highlighted, noting that for that reason, banks decided to confront these attacks using a single platform that is considered the first of its kind in the Middle East.
Responding to a question on the losses incurred by UAE banks from cyber attacks, Al Ghurair said that this information is not made public, but that he hoped that the new platform will provide the much-needed data regarding these attacks.
The top official advised banks operating in the UAE to continue spending on information security systems and network protection.
It is likely banks will increase their budgets for these items in the coming period, he added.
Translated by: Nada Adel Sobhi
