FRA Chairman at CAISEC 2026: Non-Banking Financial Companies to be Mandated with Advanced Cybersecurity Standards
During the opening session of the Information Security and Cybersecurity Conference (CAISEC 2026), Dr. Islam Azzam, Chairman of the Financial Regulatory Authority (FRA), stated that the non-banking financial sector is undergoing a fundamental transformation. With an increasing number of companies relying heavily on technology to execute core transactions and services, he emphasized the urgent need to fortify regulatory and security frameworks to ensure the highest levels of protection against cyber risks.
Mandating AI-Driven Cyber Defenses Dr. Azzam announced that non-banking financial companies will be mandated to implement the latest cybersecurity standards, including Artificial Intelligence (AI) based solutions. This mandate is designed to counter highly sophisticated, AI-driven cyberattacks. He noted that the escalating complexity of these threats makes the CAISEC summit a critically important platform, which is why the FRA is participating with a high-level delegation of experts and officials.
Global Losses and Digital Platforms The FRA Chairman pointed out that global financial losses stemming from cyberattacks are rising significantly, largely fueled by the weaponization of AI by threat actors.
In parallel, Dr. Azzam highlighted that the FRA has made substantial strides in developing specialized digital platforms. Notably, the Authority is working on platforms for the digital fractionalization and trading of real estate (real estate tokenization). He stressed that rolling out such innovative digital assets necessitates exceptionally high levels of security to guarantee the integrity and safety of digital transactions.
The Regulatory Sandbox To foster safe innovation, Dr. Azzam pointed out that the FRA has established a Regulatory Sandbox. This controlled testing environment allows newly developed digital financial innovations to be rigorously evaluated before their official market launch. This proactive approach ensures a secure balance between supporting fintech innovation and maintaining strict compliance with regulatory and security standards.