UAE regulators host cyber risk supervisory college

UAE regulators host cyber risk supervisory college

Dubai, UAE: The Dubai Financial Services Authority (DFSA), the Central Bank of the United Arab Emirates (CBUAE) and the Abu Dhabi Global Markets (ADGM) Financial Services Regulatory Authority hosted the second edition of the GCC Regulators Cyber Risk Supervisory College. The college is a meeting of regulatory authorities that supervise financial institutions operating in the GCC region. The purpose of the college is to discuss the role of the GCC regulators in mitigating cyber risk, share experiences, discuss current and upcoming cyber risk supervision initiatives, and discuss areas for potential collaboration.

The college focused on current trends in cyber risk supervision, technology risks related to digital assets and distributed ledger technologies, as well as supervisory expectations of cyber risk management practices applied by regulated institutions.

Ian Johnston, Chief Executive of the DFSA, said: “The financial services industry is one of the sectors most targeted by cybercriminals, making cybersecurity a shared priority. In today’s rapidly evolving digital economy, sharing reliable, actionable cybersecurity information among regulators will increase awareness of these risks.”

Ahmed Al Qamzi, Assistant Governor for Banking and Insurance Supervision at the CBUAE said: “The CBUAE has defined a clear action plan to improve the cyber infrastructure in the UAE’s financial system, as