CSC Calls for Securing and Protecting Financial Information in Cyberspace

Confirmed that Over 60% of financial attacks starts with stolen login details

As part of the weekly awareness campaign of the "Cyber Pulse" initiative launched by the Cyber Security Council (CSC), the Council, in its weekly awareness message on cyber risks, urged individuals and users in cyberspace to secure their financial information. It explained that financial data remains one of the primary targets of online fraudsters, who seek to steal assets belonging to individuals, companies, or institutions. The Council called on individuals to exercise caution when handling any financial data or information online and to ensure that such data is properly and securely protected.

The Council emphasized that every small step taken by individuals to safeguard their data, particularly financial data, across the internet and cyberspace reduces the likelihood of falling victim to Cyber threat, online fraud, and identity theft. Such attacks that take the form of direct attempts targeting bank accounts and financial information, or indirect fraud and identity theft through unauthorized access to personal data and accounts, such as email accounts and others, followed by the theft of financial information. The weekly awareness campaign underscored the importance of constant vigilance and caution to prevent fraudulent attacks targeting financial and banking data.

CSC further stressed the need for individuals to change their behaviors when dealing with financial data online, particularly by using secure payment methods, avoiding the storage of financial data or information on electronic devices such as mobile phones or personal computers, regularly and continuously monitoring bank accounts, refraining from engaging with fake advertisements or unauthorized individuals outside official banking channels or trusted institutions, and verifying messages received, especially in light of fraudsters’ use of advanced technologies to impersonate the logos and identities of banks or trusted financial entities to lure individuals and steal their financial and banking information.

Within the framework of the "Cyber Pulse" awareness campaign, the Council called on individuals and citizens to implement a set of measures to prevent or reduce the likelihood of such attacks targeting individuals, companies, and institutions alike, aimed at stealing financial data through identity theft or fraudulent transactions, which can result in significant financial losses and loss of assets.

The Council’s weekly awareness message noted that 60% of attacks begin with stolen login details, urging individuals to adopt a number of measures to mitigate these attacks. These include avoiding the storage of critical passwords on inadequately secured devices, conducting regular and continuous reviews of privacy settings across personal devices, periodically deleting untrusted applications, enabling two-factor authentication, and regularly updating software and operating systems.

The Cyber Security Council also advised, against using open or free Wi-Fi networks for any activities related to bank accounts or financial transactions, as such networks are often unsecured and vulnerable to constant breaches. The campaign further emphasized the importance of creating strong and unique passwords for bank accounts and personal accounts linked to banking services, as well as enabling instant bank alerts services to receive real-time notifications related to account activity. This enables individuals to respond swiftly and notify the relevant authorities immediately in the event of any breach or electronic fraud.

The Council reaffirmed that these guidelines highlight the importance of awareness and caution against electronic fraud, stressing the need for constant vigilance before clicking on or sharing any electronic links and for refraining from disclosing any personal or financial information. It emphasized that rapid and successive technological developments require sustained awareness and caution from individuals regarding various cyber risks.

The Council also noted that cybersecurity in the digital space has become a major challenge, and that these preventive measures and sound practices complement ongoing government efforts to address current digital challenges associated with rapid technological advancements. In this context, the "Cyber Pulse" awareness campaign, launched by the Cyber Security Council for the second consecutive year across social media platforms, supports the UAE’s continued efforts to build a secure cyberspace that protects users from growing digital risks and keeps pace with accelerated technological developments, within a comprehensive national vision to enhance trust in the country’s digital ecosystem, promote a culture of cybersecurity, raise digital awareness among families and individuals, and strengthen cybersecurity practices to ensure the safety and privacy of citizens and residents in an era of rapid digital transformation.