“Union of Banks” discusses the developments of the banking sector in the country

19-03-2019 Media in\ Dubai
The Board of Directors of the Emirates Bankers Union (EBU) discussed at its first meeting this year the latest developments in the banking sector in the UAE and ways to accelerate the digital transformation in the sector.
The meeting, chaired by HE Abdul Aziz Al Ghurair, Chairman of the Emirates Bank Union, addressed a number of important topics such as cybersecurity and cyber attacks, ways to combat them and reduce their risks and the latest developments in a number of current initiatives of the Union of Banks.
Al Ghurair said that the banking sector in the UAE is witnessing unprecedented changes with a number of forces and determinants that contribute to the growth of this sector. It is imperative for us to enhance cooperation by reviewing and discussing opportunities and challenges and considering the trends that contribute to the development of the banking sector. Economic indicators in the country. He pointed out that the indicators and expectations remain positive for the banking sector in the country in terms of flexibility, solvency and strong capital ratios, which will enable it to continue to achieve growth over the coming years.
He pointed out that in recent years there has been an increase in the risks of cyber attacks facing banks and their customers due to the large spread of digital technologies within the banking and financial services sector. He added that the meeting urged all banks to promote awareness about electronic threats through the launch of more awareness initiatives and training programs for employees and customers In order to enhance the current efforts of the Union of Emirates Banks and its members to combat cybercrime.
He said that during the discussion of the 2019 priorities, we have analyzed the developments in the various banking, financial and regulatory fields in the country and put in place appropriate initiatives. Given the increasing complexity of cyber attacks targeting the financial services sector, we wanted to emphasize the importance of spreading the culture of awareness and knowledge of electronic risks and ways to address them at the state level. Human error continues to be a weak point in cybersecurity, and building the awareness, skills and capabilities required by employees and customers is one of the key steps of e-risk management.
During the meeting, consulting firm Herbert Smith Freleys discussed the main principles of the General Data Protection Regulation (GDPR) and the consequences of non-compliance with this regulation and the impact on financial institutions operating in the country.
The meeting also discussed ways to enhance participation in the initiative launched by the Union of Banks last month aimed at combating financial fraud in relation to the use of checks, which set a number of proposals for the development of the current verification of checks and specifically the methodology that can be applied to reduce fraud and support the direction of the state in the transition to a society other than monetary.