Background
The Dubai Financial Services Authority (DFSA) released a report on their cyber thematic review on 25th June 2020. Its aim was to identify the overall maturity of the cyber security framework implemented upon regulated entities and whether their IT/cyber risk governance framework and resilience was adequate to protect them from harmful intrusions. In summary, the review highlighted the need for regulated entities to make significant improvements to their cyber security framework.
The review emphasizes three broad areas of improvement, namely IT governance, hygiene and resilience. The recommendations are summarized below and the full report can be found on the DFSA website for further reading.
Next Steps
Given the importance the DFSA have placed on cyber security, it is imperative that all regulated entities assess their cyber security framework and enhance areas of weakness. Addressing areas of weakness within the firms cyber frameworks will safeguard the firm, its stakeholders and clients.
How We Can Help
We have partnered with Microbyte, a UK based Information Technology firm with offices in London and Dubai and expertise in all manner of IT solutions including cyber security. Together with our compliance knowledge, we have formulated detailed assessments and remedial plans to address all areas of weakness and to enhance the framework so that it will remain robust against threats.
Should you have any queries or require any assistance regarding your cyber framework, please contact our office on +971 4 320 7322 and one of our consultants will be happy to assist.
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