The Dubai Financial Services Authority (DFSA) said it is launching a Cyber Threat Intelligence 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), said a statement from the authority.

Leading international experts, including HelpAG, Kaspersky, Palo Alto Networks, Cofense, and Recorded Future are participating in this initiative and contributing to the platform, it said.

The DFSA will be hosting a launch event next month, where the platform is scheduled to go live. A first-of-its-kind regulator-led cyber threat intelligence platform in the region, it will be operated and managed in coordination with Help AG.

The platform will be providing 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.

CEO Bryan Stirewalt said: “It 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,” he added.

COO Waleed Al Awadhi said DFSA takes cyber security seriously and the entity is increasing its focus on cyber risk. "This initiative is part of our broader strategy to increase cyber threat awareness and improve cyber resilience in the DIFC," he stated.

“We also have a number of initiatives currently underway including the adoption of disruptive technologies such as artificial intelligence and machine learning,” he added.

According to him, the DFSA views cyber risk as an issue that impacts all businesses and requires an open dialogue and co-operation between industry participants.

"Cyberattacks 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," he stated.

"It 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," he added.-TradeArabia News Service