Cybersecurity challenges for Financial Institutions in the context of expanding digital financial services

Webinar series

Topic 6:  Cybersecurity challenges for Financial Institutions in the context of expanding digital financial services 

Within the context of the European Investment Bank (EIB) TA Financial sector programme for West and Central Africa, Making Finance Work For Africa (MFW4A) and the IPC, Horus and IECD Consortium are hosting a series of webinars for banks and microfinance institutions operating in these regions.

Context

With the Covid-19 pandemic, the digitalization of financial services has been a focus for banks and microfinance institutions alike. This has included collaboration with FinTech companies, and Mobile Network Operators (MNO) to offer a wider range of possibilities for clients in terms of access to their accounts, and to maximize the possibilities to transact outside banking halls, 24/7, including online. Also, in terms of cybersecurity and risks related to cybercrime, the COVID-19 crisis has abruptly “changed the game”, forcing FIs to change practices abruptly and adapt to new ways of operating and communicating.

Sub-Saharan banks are particularly vulnerable to cyber-attacks such as credit card fraud, phishing or even intrusions. A recent report shoes that 85% of surveyed financial institutions in UMEOA, UMAC and DRC have already been victims of one or more cyberattacks that have resulted in damage, sometimes repeatedly.

Financial institutions, regulators and other participants invited to this webinar learned about updates on cybersecurity and possible vulnerabilities that must be solved to reduce the risk of an attack.

Panellists shared their perspective on the following issues:

• Introduction to key cybersecurity risks
• Increased risks due to Digital Financial Services
• Key steps to protect FIs and their clients
• Key steps to complete before and during a digitization process

The recording is available below. Click HERE to access the presentation slides.