The DFSA signs MoU with the Telecommunications Regulatory Authority

The Dubai Financial Services Authority (the DFSA), independent financial regulator in the Dubai International Financial Centre (DIFC), announced on 07 June 2016 that it had entered into a Memorandum of Understanding (MoU) with the United Arab Emirates (UAE) Telecommunications Regulatory Authority (TRA), represented by its subsidiary, the UAE Computer Emergency Response Team (ae CERT). ae CERT is an initiative launched by the TRA to help improve the standards and practices of information security, and protect IT infrastructures from risks and violations, in conformity with the TRA’s aim of ensuring a safer cyberspace in the UAE.

The stated emphasis on practical risk management around cyber threats is a regional trend and, in the UAE, follows the introduction of Federal Cyber Crime legislation which complements data incident reporting obligations under the DIFC’s Data Protection Law.

The MoU sets out the means of cooperation 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. The MoU is a welcome announcement in the region, particularly as the DIFC develops its position as a regional hub for FinTech and continues to actively audit businesses within its jurisdiction on compliance matters which increasingly concern data protection and data security.

Full details of the DFSA’s announcement can be found on the DFSA’s website located here.