The Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC) hosted its Annual Outreach session, drawing more than 500 participants from across the financial services sector. The event underscores the regulator’s commitment to enhancing industry collaboration, innovation and compliance.
As part of the Annual Outreach, the DFSA announced the publication of its 2024 Cyber Thematic Review, assessing the cybersecurity maturity and resilience of Firms operating in, and from, the DIFC. The Review is aligned with the UAE and Dubai Cybersecurity strategies, and highlights the authority’s commitment to enhancing cybersecurity standards across the financial sector.
The number of Authorised Firms has surged by 25 per cent between 2022 and 2024, and the Review revealed continuing improvement in cybersecurity maturity within the DIFC. It examined progress made in Firms’ cyber risk management programmes since the last DFSA report in 2022 – highlighting emerging good practices, areas of improvement, and actionable recommendations for strengthening defences against evolving cyber threats.
Key Findings
- Governance – On average, 80 to 90 per cent of Firms implemented the best practices to ensure accountability, transparency and compliance mandated by the DFSA’s rules.
- Baseline best practices – Firms declared that on average, they have implemented 90 per cent of the fundamental best practices outlined in the Rules. They ensure the effective and secure operation of systems, software and infrastructure.
- Resilience – Remains at approximately 80 per cent given improvements in the implementation of resilience requirements which enable systems, networks or infrastructure to continue to function despite disruptions, failures or unforeseen events.
The DFSA’s 2024 Annual Outreach also featured comprehensive updates from the DFSA’s Policy, Enforcement, and Authorisation Divisions, providing attendees with insights into the latest regulatory developments, enforcement priorities and licensing enhancements designed to streamline compliance processes.
“(The) Annual Outreach has been a pivotal step in reinforcing trust, transparency and collaboration within the financial sector”, said Justin Baldacchino, Managing Director of Supervision at the DFSA. “Cybersecurity is central to the DFSA’s mission to protect the financial ecosystem within the DIFC, and the findings of our latest Review show encouraging progress, but they also highlight areas where Firms must further strengthen their defences.”
“I would like to thank all our industry participants who joined this year’s Annual Outreach – together, we will continue to strengthen the future of finance with DIFC.”
Discussions notably centred on fostering technological innovation while ensuring robust measures against financial crime, including anti-money laundering and combating the financing of terrorism.