UBF organises workshop on Customer Security Programme to step up combatting cybercrime in banking sector
Taking its efforts to improve defence against increasing threats from cybercriminals to a new level, UAE Banks Federation (UBF) today (16 September, 2018) hosted a workshop on “Customer Security Programme” for banking professionals, in collaboration with SWIFT, the world’s leading provider of secure financial messaging services.
“Over the past years, banks and financial institutions have put in tremendous efforts to combat cyber-attacks and to sustain an ecosystem where customers can fulfill their banking needs in a secure environment without being threatened by web criminals. These endeavours have proved to be successful and effective to a great extent. However, the cyber threat landscape continues to evolve with both organized and isolated cybercrimes becoming more sophisticated as new technologies emerge,” said HE AbdulAziz Al Ghurair, Chairman of UAE Banks Federation.
“The rapidly growing cyber risks have forced both SWIFT and its customers to remain vigilant and proactive over the long-term. While customers are responsible for protecting their own environments, SWIFT has established the Customer Security Programme (CSP) to support them in the fight against cyber-attacks. UBF has long identified that raising stakeholders' awarness in the banking industry is a pre-condition for the successful implementation of new systems to curb cybercrimes and the workshop is a natural outcome of this understanding,” added HE Al Ghurair.
Held in Abu Dhabi, the workshop attracted more than 100 information security officers, operations and IT infrastructure managers from UBF member banks and financial institutions, as well as SWIFT administrators in the UAE. The event highlighted the rising importance of building a resilient defence against ever-evolving cyber-attacks in the banking and financial industry to safeguard the interests of banks, stakeholders and customers in particular.
The workshop provided the participants with insights on actions banks must introduce to ensure their compliance with CSP in 2018 as well as to prepare and budget for the programme implementation in 2019. In addition, different sessions focused on SWIFT Customer Security Controls Framework (CSCF), KYC-SA V3 attestation and data consultation, and CSCF V2019 controls.
The workshop also featured a thought-provoking panel discussion led by renowned industry experts including Pillairkulam Parthasarathy, CISO & head of Operational risk, FAB; Mark Buysse, Head of Professional Services and Customer Security Programme in Middle East and Africa region at SWIFT; Grant Niven, Associate Partner, FS Technology Advisory Leader (MENA), Ernst & Young; and Sudharsan Srinivasan, Director, Advisory Services, Ernst & Young.
The panel, titled ‘Cyber Security Defense in UAE: Challenges and Ways of Collaboration’, shed light on the latest trends pertaining to cybercrimes reported and detected in the UAE. The experts also highlighted various steps and controls initiated by the Central Bank of the UAE to develop and protect a robust banking ecosystem in the country. They also explored the global banking regulators' perspectives on CSP, attestation as well as audit processes. Furthermore, panelists and attendees shared their experiences of CSP attestation in 2017.
SWIFT launched the Customer Security Programme with the objective of supporting customers in the fight against cyber-attacks. The programme is designed around three mutually reinforcing areas, such as protect and secure local environment, prevent and detect fraud in commercial relationships, and continuously share information and prepare to defend against future cyber threats.