Latest news with #CyberRisk
Zawya
01-07-2025
- Business
- Zawya
Dubai Financial Services Authority explores regulatory insights into cybersecurity, AI
DUBAI - The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), on Monday published its latest report, 'Cyber and Artificial Intelligence Risk in Financial Services: Strengthening Oversight Through International Dialogue'. The report provides timely insights into the evolving digital risk landscape and explores how emerging technologies such as Artificial Intelligence (AI) and quantum computing – which allow the process of complex problems much faster than traditional computers – are reshaping regulatory priorities. The publication follows the DFSA's inaugural Cyber and AI Risk Regulatory College, held in May 2025, which brought together 70 senior representatives from 18 financial authorities across the Middle East, North America, Europe, Africa, and Asia. The College served as a platform for international dialogue on the increasing complexity and interconnection of cyber risks, AI adoption, and the long-term implications of quantum computing. Justin Baldacchino, Managing Director of Supervision at DFSA, said, 'Digital risks are no longer peripheral – they are fast becoming systemic. This report reflects a growing supervisory consensus on where these risks are converging and how regulatory approaches are evolving. At the DFSA, we were proud to host our first Cyber and AI Risk Regulatory College, and we look forward to continuing meaningful dialogue with our regional and international peers in support of a secure, resilient, and trusted global financial system.' The report explores supervisory perspectives on three interconnected areas: cybersecurity threat landscape, quantum computing, and AI emerging risks. It draws on global insights and expert discussions on how financial regulators can respond to emerging risks without compromising innovation. Key themes highlighted in the report include the increasing frequency and sophistication of cyberattacks, including threats arising from emerging technologies and supply chain dependencies. It also addressed the potential for quantum computing to render current encryption in critical communication systems obsolete, and the importance of early coordinated planning around post-quantum cryptography, the cryptographic algorithms that are designed to be secure against the potential threats posed by quantum computers. The report further noted the growing adoption of AI across financial services highlights the importance of enhancing explainability and interpretability methods, robust third-party risk oversight, and responsible governance. Herman Schueller, Director of Innovation and Technology Risk Supervision at DFSA, commented, 'As innovation accelerates, financial regulators globally are actively examining how best to adapt oversight practices. This report reflects the value of open, cross-border dialogue in building mutual understanding of the regulatory, technical, and operational dimensions of digital risks.'
Zawya
30-06-2025
- Business
- Zawya
New DFSA report explores regulatory insights into cybersecurity, AI and quantum risks
Dubai, United Arab Emirates: The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), today published its latest report, Cyber and Artificial Intelligence Risk in Financial Services: Strengthening Oversight Through International Dialogue. The full report is available for download. The report provides timely insights into the evolving digital risk landscape and explores how emerging technologies such as Artificial Intelligence (AI) and quantum computing – which allow the process of complex problems much faster than traditional computers – are reshaping regulatory priorities. The publication follows the DFSA's inaugural Cyber and AI Risk Regulatory College, held in May 2025, which brought together 70 senior representatives from 18 financial authorities across the Middle East, North America, Europe, Africa, and Asia. The College served as a platform for international dialogue on the increasing complexity and interconnection of cyber risks, AI adoption, and the long-term implications of quantum computing. Justin Baldacchino, Managing Director, Supervision, DFSA, said: 'Digital risks are no longer peripheral – they are fast becoming systemic. This report reflects a growing supervisory consensus on where these risks are converging and how regulatory approaches are evolving. At the DFSA, we were proud to host our first Cyber and AI Risk Regulatory College, and we look forward to continuing meaningful dialogue with our regional and international peers in support of a secure, resilient, and trusted global financial system.' The report explores supervisory perspectives on three interconnected areas: cybersecurity threat landscape, quantum computing, and AI emerging risks. It draws on global insights and expert discussions on how financial regulators can respond to emerging risks without compromising innovation. Key themes highlighted in the report include: The increasing frequency and sophistication of cyberattacks, including threats arising from emerging technologies and supply chain dependencies. The potential for quantum computing to render current encryption in critical communication systems obsolete, and the importance of early coordinated planning around post-quantum cryptography (the cryptographic algorithms that are designed to be secure against the potential threats posed by quantum computers). The growing adoption of AI across financial services highlights the importance of enhancing explainability and interpretability methods, robust third-party risk oversight, and responsible governance. Herman Schueller, Director, Innovation & Technology Risk Supervision, DFSA, commented: 'As innovation accelerates, financial regulators globally are actively examining how best to adapt oversight practices. This report reflects the value of open, cross-border dialogue in building mutual understanding of the regulatory, technical, and operational dimensions of digital risks.' The report contributes to the DFSA's wider commitment to forward-looking supervision and its role in fostering collaborative, principle-based approaches to regulating emerging technologies. The DFSA continues to engage in international dialogue on emerging technology risks through initiatives such as its Threat Intelligence Platform, evolving work on AI oversight, and broader innovation agenda within the DIFC. The full report is available at for download here. For further information, please contact: Corporate Communications Dubai Financial Services Authority (DFSA) Level 13, The Gate, West Wing Dubai, UAE Email: DFSAcorpcomms@ About Dubai Financial Services Authority (DFSA) The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in and from the Dubai International Financial Centre (DIFC), a purpose-built financial free zone in Dubai, UAE. The DFSA regulates and supervises financial services firms and markets in the DIFC. These include asset managers, banks, custody and trust services, commodities futures traders, fund managers, insurers and reinsurers, traders of securities and fintech firms. We supervise exchanges and trading platforms for both conduct and prudential purposes, overseeing an international securities exchange (Nasdaq Dubai) and an international commodities derivatives exchange (Gulf Mercantile Exchange). The DFSA is also responsible for supervising and enforcing anti-money laundering and countering the financing of terrorism requirements applicable in the DIFC. Please refer to the DFSA's website for more information. Justin Baldacchino is the Managing Director of Supervision at the DFSA, bringing 25 years of international finance experience. He possesses deep expertise in regulatory interpretation, liaison, implementation, risk, regulatory affairs, compliance, anti-money laundering (AML), capital, liquidity, innovation, and technology. Joining the DFSA in 2020, Mr Baldacchino previously served as the Group Head of Regulatory Compliance for ANZ Bank in Australia and held various senior roles at JP Morgan in Hong Kong, including Head of Regulatory Compliance, Asia-Pacific, and Head of International Operational Risk, Asia-Pacific. He also served as Head of Compliance and Risk Governance, Asia for National Australia Bank in Hong Kong. Mr Baldacchino is an alumnus of Melbourne Business School with an MBA and a Post Graduate Diploma, and he holds a Bachelor of Economics from La Trobe University. He completed the Harvard Executive Programme in Regulatory Strategic Management and is a certified AML Specialist. He has served as an Executive Board Member for the Association of Certified Anti-Money Laundering Specialists and is currently a member of The Basel Consultative Group. Herman Schueller is the Director of Innovation and Technology Risk Supervision at the DFSA. He oversees the supervision of fintech Authorised Firms and manages cyber and technology risk supervision across all DFSA Authorised Firms. He also drives innovation and supports the development of the fintech ecosystem within the DIFC. Before joining the DFSA, Mr Schueller served as Head of Digital Transformation at the Central Bank of the UAE, driving initiatives in Open Finance, Central Bank Digital Currencies (CBDC), and the Innovation Hub. As the project lead for mBridge, he collaborated with member central banks and the Bank for International Settlements Innovation Hub to implement a cross-border CBDC platform based on blockchain issuance and redemption. Prior to coming to the UAE, Mr Schueller led the Digital Transformation & Innovation team at Standard Chartered Bank in Hong Kong, enhancing project management capabilities across Greater China and North Asia.
National Post
05-06-2025
- Business
- National Post
CIBC Innovation Banking Provides Funding to CyberQP
Article content VANCOUVER, British Columbia — CIBC Innovation Banking announced today that it has provided funding to CyberQP, a leading provider of Zero Trust Helpdesk Security solutions. The support comes as CyberQP scales its operations globally and accelerates its mission to transform how IT teams secure access and streamline operational workflows. Article content CyberQP's platform helps organizations secure technician and end-user access, reduce cyber risk, and improve helpdesk efficiency through a unified Zero Trust approach. Founded in 2019, CyberQP is a rapidly growing venture-backed Software as a Service (SaaS) provider of Helpdesk Security Automation and Privileged Access Management (PAM) solutions. Originally designed for Managed Service Providers (MSPs), CyberQP's solutions are widely used by internal IT teams across industries to strengthen access controls, reduce operational friction, and meet compliance requirements. Article content Article content 'With CIBC Innovation Banking's continued support, we're accelerating our mission to simplify helpdesk operations and elevate security standards for IT teams worldwide,' said Mateo Barraza, CEO and Co-Founder of CyberQP. 'This relationship has been instrumental in helping us scale innovation and deliver greater value to our customers. This latest round of financing amplifies that impact.' Article content 'We're proud to support CyberQP as it continues to enhance its platform and broaden its global impact,' said Joe Timlin, Managing Director, CIBC Innovation Banking. 'Its purpose-built approach to PAM addresses a critical and growing need across IT teams, positioning CyberQP strongly for continued success.' Article content CIBC Innovation Banking has 25 years of specialized experience in growth-stage tech and life science companies across North America – a longer track record than most banks. CIBC Innovation Banking now has over $11 billion in funds managed including life sciences, health care, cleantech companies, investors, and entrepreneurs, and has assisted over 700 venture and private equity-backed businesses over the past six and a half years. The bank operates out of 14 global locations in San Francisco, Menlo Park, New York, Toronto, London, Austin, Boston, Chicago, Seattle, Vancouver, Montreal, Atlanta, Reston, and Durham. Connect with us today to start the conversation. Article content CyberQP redefines Zero Trust Helpdesk Security with leading-edge Privileged Access Management (PAM) and End-User Access Management (EUAM) solutions. The platform enables secure elevated access for both technicians and end users, along with robust self-serve and identity verification capabilities. Backed by SOC 2 Type 2 certification, CyberQP empowers IT professionals to eliminate identity and privileged access security risks, enforce compliance, and enhance operational efficiency. The mission is simple: Article content Article content Article content Article content Article content
Globe and Mail
05-06-2025
- Business
- Globe and Mail
CIBC Innovation Banking Provides Funding to CyberQP
CIBC Innovation Banking announced today that it has provided funding to CyberQP, a leading provider of Zero Trust Helpdesk Security solutions. The support comes as CyberQP scales its operations globally and accelerates its mission to transform how IT teams secure access and streamline operational workflows. CyberQP's platform helps organizations secure technician and end-user access, reduce cyber risk, and improve helpdesk efficiency through a unified Zero Trust approach. Founded in 2019, CyberQP is a rapidly growing venture-backed Software as a Service (SaaS) provider of Helpdesk Security Automation and Privileged Access Management (PAM) solutions. Originally designed for Managed Service Providers (MSPs), CyberQP's solutions are widely used by internal IT teams across industries to strengthen access controls, reduce operational friction, and meet compliance requirements. 'With CIBC Innovation Banking's continued support, we're accelerating our mission to simplify helpdesk operations and elevate security standards for IT teams worldwide,' said Mateo Barraza, CEO and Co-Founder of CyberQP. 'This relationship has been instrumental in helping us scale innovation and deliver greater value to our customers. This latest round of financing amplifies that impact.' 'We're proud to support CyberQP as it continues to enhance its platform and broaden its global impact,' said Joe Timlin, Managing Director, CIBC Innovation Banking. 'Its purpose-built approach to PAM addresses a critical and growing need across IT teams, positioning CyberQP strongly for continued success.' About CIBC Innovation Banking CIBC Innovation Banking has 25 years of specialized experience in growth-stage tech and life science companies across North America – a longer track record than most banks. CIBC Innovation Banking now has over $11 billion in funds managed including life sciences, health care, cleantech companies, investors, and entrepreneurs, and has assisted over 700 venture and private equity-backed businesses over the past six and a half years. The bank operates out of 14 global locations in San Francisco, Menlo Park, New York, Toronto, London, Austin, Boston, Chicago, Seattle, Vancouver, Montreal, Atlanta, Reston, and Durham. Connect with us today to start the conversation. About CyberQP CyberQP redefines Zero Trust Helpdesk Security with leading-edge Privileged Access Management (PAM) and End-User Access Management (EUAM) solutions. The platform enables secure elevated access for both technicians and end users, along with robust self-serve and identity verification capabilities. Backed by SOC 2 Type 2 certification, CyberQP empowers IT professionals to eliminate identity and privileged access security risks, enforce compliance, and enhance operational efficiency. The mission is simple: "Empowering Access, Redefining Privilege" for help desks around the globe.
