The United Arab Emirates banks are racing to strengthen cyber defences as financial institutions emerge as top targets for sophisticated digital attacks. Security experts warn that rising ransomware incidents, phishing scams, and AI-driven threats have pushed banks to adopt a multifaceted cybersecurity strategy in 2024 and beyond
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From Ransomware to AI-driven malware
According to the UAE Cybersecurity Council and Acronis Threat Research, ransomware attacks targeting the financial sector surged by 32% in 2024, with 34 confirmed incidents, up from 27 the previous year. Malware infections also rose dramatically, climbing from 16% to 26.5% of recorded threats.
Banks are now facing layered threats: from DDoS attacks and phishing to advanced persistent threats and social engineering campaigns powered by generative AI. The expanding digital landscape—spanning open banking, cloud infrastructures, and IoT platforms—has further widened the attack surface.
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Strategic Defence Through Simulation and AI
UAE financial regulators, including the Central Bank and UAE Banks Federation, have launched large-scale cyber defence exercises—so-called “cyber wargaming”—to test institutional resilience. A notable simulation conducted in 2022 involved multiple banks, law enforcement, and cybersecurity agencies, simulating complex attack scenarios and response coordination.
To counter evolving threats, institutions are increasingly deploying AI-powered monitoring systems for real-time fraud detection, anomaly spotting, and behaviour analytics. UAE banks face as many as 50,000 cyberattacks per day, according to cybersecurity officials; only advanced, automated detection systems can manage volume and velocity.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.