7 June 2016 — The DFSA Signs MoU with the Telecommunications Regulatory Authority
Dubai, UAE, June 07 2016: The Dubai Financial Services Authority (DFSA), entered into a Memorandum of Understanding (MoU), last week with the Telecommunications Regulatory Authority (TRA), represented by its subsidiary, the UAE Computer Emergency Response Team (aeCERT). ae CERT is an initiative launched by the TRA to improve the standards and practices of information security, and protect the Information Technology infrastructure in the United Arab Emirates (UAE). It aims at supporting and ensuring a safer cyber space of the UAE.
The MoU sets the means of co-operation between the DFSA and the TRA in the field of cyber-security and facilitates the detection, prevention, education, awareness and response to cyber-security incidents.
Mr Ian Johnston, Chief Executive of the DFSA said: "I would like to express my appreciation to the TRA for the comprehensive support that they will provide to the DFSA. The DFSA is pleased to co-operate with the TRA to limit and reduce the challenges and risks in the world of cyber space.
Mr Waleed Saeed Al Awadhi, Chief Operating Officer of the DFSA said: "Today we are delighted to sign this MoU with the TRA, and look forward to co-operate with the TRA on an on-going basis. This step comes in line with the UAE's Government continuous efforts to raise awareness in the field of cyber security; furthermore the DFSA is very keen to collaborate with prominent federal authorities such as the TRA in the field of cutting edge cyber-security and to be part of the UAEs success by ensuring a sustainable and safe electronic environment in the financial services sector. Through this MoU the DFSA seeks to be proactive in its security stance by ensuring the latest safeguards of its core infrastructure and the continuity of its efforts to raise cyber-security awareness to its stakeholders in the Dubai International Financial Centre (DIFC).
H.E. Hamad Obaid Al Mansoori, Director General, TRA, said: "In the era of smart cities and free flow of information across the digital space, safety becomes of utmost concern for many people. The UAE has entered into this era with full understanding of its prospects and challenges and armed with determination to increase the benefits and limit the challenges and risks. We should unify the efforts to achieve this target, with all concerned. We thank the DFSA staff for their work and efforts to achieve this agreement to promote the collaboration between the two parties and for TRA to be able to provide full support through aeCERT in the form of technical assistance and providing protection and cyber-security against virus attacks and intrusion attempts. We hope to ensure a safe e-environment where data flow is protected and secured against any risks from cyberspace."
"aeCERT is fully aware and responsible to ensure the safety of the country's virtual borders. The team works to address and prevent all risks and threats, in line with the TRA's mandate to provide the highest form of protection and safety for all government entities and thereby enable them to meet the country's strategic goal of promoting e-lifestyle," H.E. Al Mansoori added.
Engineer Mohamed Al Zarooni, Director Policy and Programs Department at TRA, noted that the aeCERT team are proactive in ensuring online safety in the UAE — providing guidance, education, monitoring, responding, researches and analytical services for all government entities aiming to achieve a safe e-environment.
The aeCERT was established as a national team by Decree 5/89 of 2008 issued by the Ministerial Council for Services. Its goal is to improve the standards and practices of information security, and protect IT infrastructures from risks and violations, in conformity with the TRA's strategy and goal to ensure a safer cyberspace, both for UAE Nationals and residents.
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For further information please contact:
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Tel: +971 (0)4 362 1662
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and ancillary services, the DFSA is responsible for supervising and enforcing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) requirements applicable in the DIFC. The DFSA has also accepted a delegation of powers from the DIFC Registrar of Companies (RoC) to investigate the affairs of DIFC companies and partnerships.
Ian Johnston was appointed as Chief Executive of the DFSA in June 2012. Ian joined the DFSA in November 2006, as a Managing Director, to head the Policy and Legal Services Division.
Ian was admitted to practice Law in Australia in the early 1980s and has spent most of his career in the private sector. He held a number of senior positions within the financial sector and was CEO of one of Australia's major Trustee Companies. During that time, Ian played a leading role in the Trustee industry and served on the National Council of the Trustee Corporations Association.
In 1999, Ian joined the Australian Securities and Investments Commission where he held the position of Executive Director, Financial Services regulation, and spent several terms as an acting Commissioner. In 2005, Ian took up a position with the Hong Kong Securities and Futures Commission as a Special Advisor.
Ian is a past Chairman of the Joint Forum, which comprise representatives of the major international regulatory standard-setters (IOSCO, IAIS and the Basel Committee). In November 2013, he was elected to the Steering Group of IOSCO's Growth and Emerging Markets Committee. He is also a member of the Financial Stability and Technical Committee (FSTC) of the IAIS, the global standard-setting body for insurance regulation, and was a member of the Board of Directors of the Financial Planning Standards Board (from Jan 2011 — Mar 2016).