The Dubai Financial Services Authority (DFSA), the independent regulator of financial services in the Dubai International Financial Centre (DIFC), held its Annual Outreach session today, attracting over 500 participants from the financial sector.
The event highlighted DFSA's dedication to fostering collaboration, innovation, and regulatory compliance.
A significant announcement at the event was the release of the 2024 Cyber Thematic Review, which evaluates the cybersecurity maturity and resilience of DIFC firms. The Review aligns with the UAE and Dubai Cybersecurity strategies, emphasizing DFSA's efforts to enhance cybersecurity across the financial sector.
Findings revealed a 25% growth in authorized firms between 2022 and 2024 and consistent improvement in cybersecurity maturity. Key highlights included:
- Governance: 80-90% of firms adhered to best practices for accountability and compliance.
- Baseline practices: Firms implemented 90% of essential security measures.
- Resilience: Improved implementation maintained systems' functionality at 80% despite disruptions.
The Outreach also featured updates from DFSA’s Policy, Enforcement, and Authorisation Divisions, offering insights into regulatory developments and compliance enhancements. Sessions addressed innovation, prudential oversight, conduct of business, and financial crime prevention, focusing on technological advancement while mitigating financial crime risks.
Justin Baldacchino, Managing Director of Supervision at DFSA, emphasized the importance of trust and collaboration, stating,
“Cybersecurity is central to the DFSA’s mission to protect the financial ecosystem within the DIFC. While progress is evident, firms must continue strengthening their defences. Together, we will secure the future of finance within DIFC.”
This year’s event reinforced the DFSA’s commitment to driving industry resilience and innovation in Dubai’s financial hub.
News Source: Emirates News Agency
