The Dubai Financial Services Authority (DFSA) has today published a report on its first industry-level cyber simulation exercise. The exercise was conducted across the DIFC in partnership with Control Risks, a consulting firm. A copy of the report can be found here on the DFSA website.

In May 2023 the DFSA, conducted a cyber simulation exercise involving 17 Authorised Firms in the DIFC. The activity provided an opportunity for firms to assess and improve the effectiveness of their cyber crisis management capabilities and improve the DFSA’s capability to respond to a widespread cyber incident. The report provides an overview of the key elements of the exercise and a summary of findings.

The exercise forms part of the DFSA’s efforts to improve cybersecurity awareness and to support continued development of cyber resilience within DIFC Firms. In addition to the exercise, the DFSA recently published a suite of cyber risk management Rules. The Rules will come in to force on 1 January 2024, and can be found here. All DIFC Authorised Persons are expected to begin implementing the requirements.

Ian Johnston, Chief Executive of the DFSA, said: “Establishing and promoting high levels of cyber resilience and security in the DIFC is a high priority for the DFSA. In recent years, we have been engaging with firms in the Centre through various outreach activities and our Cyber Threat Intelligence Platform, to boost knowledge of good cyber resilience and hygiene. Our cyber simulation exercise gave firms the opportunity to test their cyber risk management frameworks in a safe and controlled environment and to receive expert feedback. We will continue to work with firms to build their cyber awareness and encourage best practice.”

The DFSA reminds DIFC Authorised Persons to report to it without delay, if they have information which reasonably suggests, that a material Cyber Incident has occurred. The notification form is located on the DFSA ePortal.

The DFSA encourages firms to register for the DFSA Cyber Threat Intelligence Platform (TIP), via the DFSA ePortal, in order to receive timely cyber threat information.

- Ends -