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DFSA to launch cybersecurity platform for Dubai’s financial sector

The Dubai Financial Services Authority (DFSA) has announced a special platform which they have set up to ensure greater cybersecurity of financial firms within the city.

The Cyber Threat Intelligence Platform, which is expected to go live in January, aims to help firms which are based Dubai’s International Financial Center (DIFC) and it was created in collaboration with Dubai Electronic Security Center, the Computer Incident Response Center Luxembourg and the National Computer Emergency Response Team as well as the help of international cybersecurity experts such as Palo Alto Networks, Recorded Future and Kaspersky among others.

CEO of DFSA, Bryan Stirewalt, stated, “The Platform is designed to strengthen the cybersecurity environment in the DIFC, with an overarching aim of facilitating businesses in their cyber defenses, in a more efficient and coherent manner.”

He added, “It is a reflective of the importance of public-private partnerships in combating non-traditional and non-financial risks like cybersecurity. Many non-financial and non-traditional risks will factor in our operating Business Plan for 2020 and beyond.”

In fact, it has recently been forecasted that within the next five years, cybercrime may cost up to $8 trillion dollars.

Data breaches in the Middle East could cost around $6 million each, ranking it as the world’s second highest, reported the Ponemon Institute.