Dubai financial regulator DFSA warns against increased cyber attacks, frauds

Dubai’s financial regulator Dubai Financial Services Authority (DFSA) has encouraged Dubai International Financial Centre (DIFC) regulated firms to exercise extra caution, in light of increased vulnerabilities.

In a statement issued on Tuesday, March 24, firms in the DIFC were advised to register and deploy the DFSA Cyber Threat Intelligence Platform (TIP) and use relevant information available to enhance their cybersecurity.

The advice comes in unprecedented times following the Covid-19 outbreak, during which the regulatory authority forewarns of increased susceptibilities of financial institutions to cyberattacks, phishing attempts and fraud.

“The DFSA is actively engaged with the regulated community in the Dubai International Financial Centre (DIFC) to assess the immediate and longer-term impact of this unprecedented global situation, and to intervene, as needed, to ensure financial stability and consumer protection,” a statement by DFSA read.

“As the DIFC is a global hub for financial services, the DFSA is in close and regular contact with local and international supervisory bodies.”

The DFSA reaffirmed its commitment to support the financial and operational resilience of financial institutions and markets in the DIFC.

“The DFSA’s investments in regulatory technology and digitalisation have allowed better functionality as many firms moved to remote working arrangements,” the statement added.

“DIFC markets, including the equities and the bond platforms of Nasdaq Dubai (ND) and the commodity market of the Dubai Mercantile Exchange (DME), continue functioning ordinarily and efficiently.”

The authority is collaborating with the DIFC Authority on targeted, non-regulatory measures to support the community.

In addition, the authority also reaffirmed its intent to back measures undertaken by the UAE and the Dubai Governments to support the economy, and actions by the Central Bank of the UAE to ensure financial stability in the country.

In light of the current business environment, local banks in Dubai were asked to offer companies relief, including refinancing and repayment referrals.

Read: Dubai banks to offer virus relief to companies, individuals

From April 1 until June 30, Dubai-based banks are asked to waive loan repayments for three months for individuals forced to take unpaid leave and for small businesses.

In addition, Dubai also unveiled a stimulus package worth Dhs1.5bn to support businesses in the emirate to help counter the impact of the coronavirus outbreak.

Read more: Coronavirus: Dubai reveals Dhs1.5bn stimulus package to support businesses