To help defend the financial system’s IT infrastructure against cyber-attacks, the UAE Central Bank has founded a new Networking and Cyber Security Operations Centre.

The center, which will be located at the CBUAE’s headquarters in Abu Dhabi, will be the leading security operations center for the country’s financial sector, according to a statement issued by the regulator on Tuesday.

It will act as a focal point for developing counter-measures to evolving cyber threats, preventing, detecting, and mitigating risks to ensure financial and monetary stability in the system.

“In keeping with the CBUAE’s overarching vision, the CBUAE Networking and Cyber Security Operations Centre will strengthen the UAE’s monetary and financial systems,” said Sabri Al Azazi, the central bank’s assistant governor for support services and operations and chief operating officer.

“As cyber security threats become more sophisticated, it is critical that we have the necessary framework in place to protect our financial institutions’ infrastructure, processes, and people from these threats.”

Because of the rapid digital transformation of the financial system, it is now vulnerable to cyber-attacks. The Covid-19 pandemic has increased the possibility of money laundering and terrorism.

According to research by UK data provider Comparitech, victims of cyber-attacks in the UAE lose $746 million per year, while users worldwide lose $318 billion.

The UAE has worked tirelessly to prevent such attacks.

According to Al Azazi, the creation of a cyber security information-sharing mechanism will be done in collaboration with the financial sector and international institutions.

As a result, the new center will be able to “improve the sector’s resilience and preparedness, as well as contribute to cyber security and long-term economic growth.”

In addition, the center will provide support for all CBUAE-managed and operating systems, applications, and services. It will establish best practices and guidelines for managing security threats and vulnerabilities in order to protect the nation’s licensed financial institutions’ information infrastructure and promote resilience and efficiency in the UAE’s financial system.