- July 1, 2023
- Posted by: admin
- Category: Current News
MEFMI collaborated with the Bank of Uganda to conduct a workshop on Cybersecurity in the financial services sector, from 8 – 12 May 2023. The training was held in Kampala Uganda. Presiding over the official opening of the event, Dr Tumubweinee Twinemanzi, the Executive Director for Supervision at the Bank of Uganda stressed the need for effective risk management processes, as well as robust and resilient systems to ensure business continuity in the unfortunate but expected event that their systems may be susceptible to cyberattacks. He further implored the delegates to be more attentive to the effects and impact of cybercrime and to strengthen institutional arrangements that mitigate against any cyber-security risks emanating from the ever-increasing and ever-evolving cyber threats.
The workshop aimed to raise participants’ awareness on cyber financial crimes and equip them with tools and techniques for their detection, investigation, reporting, and prevention techniques, as well as the necessary internal and external controls to mitigate them. It also provided a platform for sharing ideas and learning from each other to foster the development and stability of individual institutions through presentations, discussions, and practical activities.
The workshop was delivered through presentations and discussions on topical issues and experiences within the financial services sector and practical exercises. Presentations covered key issues affecting financial services such as fraud, anti-money laundering, and initiatives to build cyber resilience and digital trust. Discussions centered around the activities that foster cybercrime, current cybercrime events experienced within the country, preventive and corrective measures, and potential collaborations and guidelines in the effective handling and prosecution of cybercrime.
Practical exercises provided hands-on training on the typologies used by cybercriminals and demonstrated the exploitation of vulnerabilities in some systems. These activities drove home the need to provide effective risk management and proactively manage vulnerabilities that exist in institutional processes and systems.
A total of 39 officials attended the workshop. This included Directors, Chief Executive Officers, and Heads of commercial banks. The participants were drawn from commercial banks in Uganda and the Bank of Uganda. Their areas of professional expertise were in Information Technology, Risk, Compliance, Bank Examination, and Information Technology Security. In addition to the workshop delegates, twenty-four (24) Chief Executive Officers (CEOs) and Directors attended a Breakfast Meeting organised as part of the training. One observer from the Bankers’ Association of Uganda Cyber Security Operations Centre was also in attendance.