CBJ holds 1st exercise on financial sector’s readiness against cyberattacks

AMMAN — The Unit of Financial Computer Emergency Response Team (Jo-FinCERT) at the Central Bank of Jordan (CBJ), in collaboration with the global company Immersive Labs, has conducted an interactive practical exercise simulating cyberattacks on financial institutions in the Kingdom.

CBJ Deputy Governor Khaldoun Washah said that this is part of a series of exercises planned by the CBJ to be conducted throughout the year, where these efforts aim at enhancing the resilience of the banking sector and testing its ability to confront advanced cyber threats, according to a CBJ statement.

Washah noted that these initiatives are critical to ensuring the stability of the national economy, as protecting financial infrastructure from cyberattacks boosts investor confidence and maintains a secure environment that supports economic growth, particularly in light of the rapid digital transformation within the sector.

He also noted the bank’s plan to intensify periodic exercises and include tailored evaluations for sector institutions to ensure the integration of cybersecurity regulations and practical measures.

Jo-FinCERT Director Ibrahim Shafie pointed out that the exercise included scenarios simulating advanced cyberattacks, such as malware and breaches of critical systems, to assess the speed of response and the quality of coordination with regulatory bodies.

Shafie added: "These exercises are an effective tool to enhance the sector’s digital immunity by identifying operational gaps and improving readiness to face complex threats, including targeted attacks on digital banking services, which pose a direct challenge to the stability of the financial system."

Shafie stressed that the CBJ focuses on enhancing cybersecurity awareness and improving the capabilities of national teams in managing electronic crises.

He added that these efforts align with CBJ's strategic objectives that prioritise cybersecurity, not only to protect financial services but also to safeguard the national economy from the impacts of attacks that could disrupt development and affect the sector's investment attractiveness.