A new ‘Information Sharing and Analysis Center’ is being established by banks in the UAE to combat the growing cyber security threat.

The new organisastion – the first initiative of its kind in the Middle East – is the result of the UAE Banks Federation (UBF) joining forces with the US-based ‘threat intelligence platform’ Anomali.

The move is to ward off attacks on banks’ cyber-security systems that occur daily, and to prevent high-profile data breaches such as the one in 2016 which saw the names and passwords of Qatar National Bank customers posted online.

A total of UAE and international 13 banks will share information through the new center.

They are: HSBC, Commercial Bank of Dubai, Abu Dhabi Commercial Bank, Barclays, Commercial Bank International, Citibank, Emirates NBD, First Abu Dhabi Bank, Standard Chartered, Abu Dhabi Islamic Bank, Noor Bank, National Bank of Fujairah, and Mashreq.

According to a UBF spokesperson, all member banks in the federation will eventually work with the center.