EIBFS Cybersecurity Workshop Exposes Potential Vulnerabilities in Financial Institutions

Tuesday 23 April 2019
Dubai - MENA Herald:

Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, today held an interactive workshop on enterprise cybersecurity that highlighted the wide-ranging risks of cyberattacks currently plaguing financial institutions.

Rahul Tyagi, Co-founder and Lead – Academic Engagements at Lucideus, an enterprise cybersecurity platforms company, hosted the session that took place at the EIBFS Dubai campus. Incubated at the Indian Institute of Technology Bombay and backed by John Chambers, former Chairman and CEO of Cisco, Lucideus works with several Fortune 500 companies across the globe to deploy its cyber risk measurement and mitigation platform called SAFE.

Notably, a study on cybercrime costs conducted by Accenture indicates that financial services companies face a greater financial impact due to cyberattacks than any other industry. Globally, businesses in the sector have seen a 40 percent increase in the average cost of cybercrime over the past three years, rising from US$12.97 million per firm in 2014 to US$18.28 million in 2017.

Driving home the growing risk of cyberattacks, the workshop featured case studies of vulnerabilities on digital platforms. The participants examined previous cyber breaches and explored actionable solutions to mitigate cybersecurity shortfalls.

Speaking about cybersecurity role of such workshops, Jamal Al Jassmi, General Manager of EIBFS, said: “EIBFS is committed to equipping financial sector professionals across the UAE and the wider region with the tools and skills to thrive in the age of digital transformation. While the industry has undergone sweeping changes that have helped improve access to services and simplify lives, the looming risk of cybersecurity breaches is too significant to ignore. Through our partnerships with leading technical experts such as Lucideus, we hope to usher in a safe and secure digital future for the financial sector in the Middle East.”

Speaking at the workshop, Tyagi said: “Cyber crimes today are so evolved that detection is almost impossible until it is too late. A simple coffee meeting with a bank employee who has a company mobile could be the starting point of an elaborate and highly damaging cyberattack. CIOs in the financial sector must be prepared for the most extreme scenarios when it comes to protecting their institutions. This starts with risk quantification.”

EIBFS has been at the forefront of advanced financial education and capacity-building. In March 2019, the EIBFS Technical Advisory Committee entered a strategic partnership with PwC’s Academy Middle East to offer three new professional certificate courses in Fintech, Blockchain and Data Analytics. In addition, the Institute’s 2019 annual training program places high emphasis on techno-functional skills, featuring 13 courses on fintech, digital, blockchain, AI, IoT, cybersecurity, and business analytics, among other topics.

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