Swissquote Bank, a leading provider of online financial services, has called for a stronger co-operation between critical sectors to limit the impact and eventually eliminate the threat of cyber attacks.

Switzerland’s leading provider of online trading, Swissquote Bank has two offices in the UAE.

The bank pointed out that in recent months, there has been increasing concern regarding the threat of cyber crime and its risk to the global financial system. Numerous banks and financial institutions have in fact considered this threat as one of their top priorities, it said.

There are valid reasons for the banking community to be worried as incidents of cyber crimes have increased in recent years, it added.
 
There are different types of attacks, depending on the motives of the attackers, usually falling under the four main threats – crime, hactivists, espionage and war. Due to on-going threats, financial community has called for a system-wide response to counter these threats, said a senior official.
 
Mario Camara, the CEO of Swissquote Bank MEA said,”We join the rest of the banking world in underscoring the importance of innovative measures to prevent and counter cyber-attacks against banks and other financial systems.”
 
Swissquote Bank holds a Category 4 licence from the DFSA and focuses on providing Swiss savings and trading accounts mainly to expats in the GCC, stated Camara.  

The second is a Dubai Branch office holding a Representative Office License from the UAE Central Bank, focused on future spot trading platforms.
 
“In addition to our excellent online services and our offer of immense breadth of financial products, we also offer state-of-the-art banking privacy and security that has become a trademark of Swiss banking anywhere in the world. Cyber crimes may have become sophisticated but so did our IT security systems,” he added.-TradeArabia News Service