Dubai Future Foundation launch report on cyber risk scenarios in banking and finance

Dubai Future Foundation (DFF), in partnership with the Future Foresight and Decision-Making Support Center at Dubai Police, launched its latest report titled ‘Banking and Financial Services Sector Scenarios of Risks and Resilience’, which examines the risks of cybercrime and the potential implications for the banking and finance sector in Dubai.

The publication is part of DFF’s ‘The Digitisation of Critical Infrastructure’ series that examines several sectors related to critical infrastructure, including energy, water, systems, transport, agriculture, telecommunications, healthcare, food, banking and finance, and emergency services. Disruption to these services, on any level, may have a serious effect on the national economy, public health, safety and the welfare of the community.

In his remarks, His Excellency Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, said: “The world is witnessing a remarkable growth in the reliance on digital solutions, especially in the financial sector, and any threat to financial infrastructure may lead to an imbalance in the economic and social system. Therefore, cooperation between the private and public sectors is a pre-requisite for combating cybercrime.”

He praised the constructive collaboration between the Future Foresight and Decision-Making Support Center at Dubai Police and DFF as a prime example of aligning efforts between various entities in the emirate to address potential threats to social security.

Highlighting the role of the Foundation in enriching future knowledge on diverse sectors in Dubai and the wider UAE, Khalfan Belhoul, CEO of DFF, said: “This series of reports coincides with cyberattacks that has risen in many parts of the world and pose a serious danger to communities and organizations today in light of the widespread adoption of advanced technology and accelerated digital transformation across the board.”

He added: “Our partnership with Dubai Police supports the vision of the wise UAE leadership for solidifying governmental partnerships aiming to benefit entities recognize opportunities, which enables them to tackle future challenges.”

Dubai is one of the global pioneers in leveraging advanced technology to improve wellbeing. The emirate has already digitalized most of its public services, from issuing residency visas to paying parking fees.

The report illustrates how the ongoing digitalization increases the rising risk of cyberattacks. The global cybersecurity market is predicted to surge from US$167.1 billion in 2019, to US$248.26 billion by 2023, attaining a 10.4 percent compound annual growth rate (CAGR).

In 2019, Dubai ranked eighth among the world’s financial leaders. With the largest banking industry in the GCC region, the UAE is home to nearly one-third of the region’s banking assets.