- November 24, 2021
- Posted by: admin
- Category: Current News
Cyber risk has emerged as a systemic concern, particularly following cyber incidents like the Wannacry and NoPetya in 2017. Research shows that the financial services sector has been the main target of cyber-attacks, mainly due to the increasing digitalisation of financial services.
The use of third-party service providers has increased the sector’s online footprint, broadening the surface for possible cyber-attacks. At the same time, the financial services sector owns a lot of sensitive personal information, which explains why it is consistently one of the most targeted economic sectors for data breaches. There are also new platforms that have created opportunities for cybercriminals, including mobile devices and cloud computing compounded by alliances between cybercriminals. Furthermore, cyber-crime has increased significantly following the outbreak of the COVID-19 pandemic which has triggered an increase in the usage of technology as many organisations have adopted remote working arrangements.
It is therefore important for organisations to put in place policies, strategies, and frameworks for managing cyber risks, including training of their employees in cybersecurity. As part of efforts to support financial sector players to close the knowledge gap, the MEFMI Business Development Unit (BDU) organised a virtual course on Cybersecurity in the Financial Services Sector from 25 to 29 October 2021.
The workshop raised awareness of cybersecurity governance, and equipped participants with knowledge on how to develop an effective organisational ICT security programme in order to identify, protect, detect, respond, and recover from cyber-criminal activities. The workshop also provided a platform for participants to learn from the experiences and good practices of peer institutions.
A total of 41 participants attended the workshop, of which 23 were male and18 were female. These were drawn from central banks, commercial banks and the insurance sector of the following countries: Angola, Lesotho, Seychelles, Tanzania, Uganda, Zambia, and Zimbabwe. The workshop was facilitated by Dr Richard Young and Dr Vincent Taylor.
MEFMI expects that participants will apply the knowledge and skills gained from the course to design and implement cybersecurity programs that improve the organisations’ cybersecurity resilience as part of their risk management.