The Dubai Financial Services Authority (DFSA) is launching a Cyber Threat Intelligence Platform (Platform) to help firms in the Dubai International Financial Centre (DIFC) implement appropriate safeguards to mitigate against cyber risks. The Platform is a result of ongoing cooperation and collaboration with the Dubai Electronic Security Centre (DESC), the National Computer Emergency Response Team (aeCERT) and the Computer Incident Response Center Luxembourg (CIRCL). Leading international experts, including HelpAG, Kaspersky, Palo Alto Networks, Cofense, and Recorded Future are participating in this initiative and contributing to the Platform.

The DFSA will host a launch event, where the platform is scheduled to go live, in January 2020. The Platform is the first regulator-led cyber threat intelligence platform in the region and will be operated and managed in coordination with Help AG. The Platform provides cyber threat intelligence, not only to the DFSA but to the entire DIFC, creating a cyber-intelligence community and ecosystem accessible to all DIFC businesses regardless of size or ability with the potential to include the wider business community.

Bryan Stirewalt, Chief Executive Officer 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.”

Waleed Al Awadhi, Chief Operating Officer of the DFSA, said: “The DFSA takes cyber security seriously and is increasing its focus on cyber risk. This initiative is part of a broader DFSA strategy to increase cyber threat awareness and improve cyber resilience in the DIFC, and is aligned with His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai’s UAE National Cybersecurity Strategy and the Dubai Cyber Security Strategy, both of which aim to strengthen the position of Dubai and the United Arab Emirates as a world leader in innovation, safety, and security. The DFSA also has a number of initiatives currently underway including the adoption of disruptive technologies such as Artificial Intelligence and Machine Learning.”

The DFSA views cyber risk as an issue that impacts all businesses and requires an open dialogue and cooperation between industry participants. Cyber attacks are increasing in frequency and sophistication, and firms generally have a reactive approach to threats. The information shared on the Platform is intended to assist businesses in the DIFC in detecting and preventing cyberattacks.

The Platform is a major milestone in mitigating cyber risk proactively and will benefit the broader DIFC community by creating an ecosystem for information sharing and enriched cyber threat intelligence to help detect and mitigate cyber risks.