MEFMI conducts training on Cyber Security in the Financial Services Sector

MEFMI, in collaboration with the National Bank of Rwanda, conducted a workshop on Cybersecurity in the financial services sector in Kigali, Rwanda.

The objective of the workshop was to raise participants’ awareness of cyber financial crimes and equip them with tools for detection, investigations, 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.

Presiding over the official opening of the workshop, Hon. Soraya Hakuziyaremye, the Deputy Governor at the National Bank of Rwanda pointed out that cybersecurity has become an imperative concern for organizations and businesses that heavily rely on ICT-related services. The surge in cyber-attacks targeting government agencies, defence organizations, high-tech firms, and financial services underscores the urgency for proactive measures. She stated that establishing measures to safeguard ICT-related assets and resources is essential. Equally important is the implementation of robust and resilient systems to ensure business continuity even in the face of potential attacks.

The workshop was delivered through presentations accompanied by discussions on topical issues and experiences within the financial services sector.  It also included practical exercises in which the participants actively engaged. Presentations covered key issues affecting financial services such as Social Engineering, Cyber-attacks and data breaches, Fraud and financial crime as well as Implementing a Cybersecurity Programme using ISO27001.

Discussions centered around the Role of the Board, and Executives in ensuring Cybersecurity, How Fraudsters cover their Tracks as well as Digital Forensic Investigation, amongst other topics.  End-to-end hacking exercises were also demonstrated to participants.  The practical exercises provided hands-on training on the typologies used by cybercriminals and demonstrated the exploitation of vulnerabilities in some systems.  These activities illustrated the need to provide effective risk management and to proactively manage vulnerabilities that exist in institutional processes and systems.

A total of 42 officials participated in the workshop. The participants were drawn from the financial services sector in Rwanda as well as staff from the National Bank of Rwanda. Their areas of professional expertise were in Information Technology, Risk, Compliance, Bank Supervision, Auditing and Information Technology Security. In addition to the workshop delegates, sixteen (16) Chief Executives and Managing Directors attended the Breakfast Presentation.

By Sharon Wallett & Rumbidzayi Gadhula