With the Covid-19 pandemic, the digitalisation of financial services has been a focus for banks and microfinance institutions, where traditional and non-traditional financial service providers have expanded the range of possibilities for clients in terms of access to their accounts, maximising the possibilities for cashless transactions and other financial services outside banking halls, 24/7, including online. However, 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.
Jean-Louis Perrier, Programme Director for the African Cybersecurity Resource Centre for Financial Inclusion (ACRC) shared valuable insights for financial institutions, regulators and other participants to learn about updates on cybersecurity and possible vulnerabilities that must be solved to reduce the risk of an attack. ACRC was launched with technical and financial support from the Africa Digital Financial Inclusion facility (ADFI) to improve the cyber resilience of the financial sector in Africa to protect customers’ assets and data, increase trust in digital financial services across the continent and contribute to greater financial inclusion.
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, in French, is available here and the presentation slides (in English and French) are available here.
Speakers
Moderator: Edwige Takassi, IPC
Tentative speakers:
- Eric Malm, IT director, ABL
- Ghislain Nkoudjou, SIS director, CCA Bank
- Jean-Louis Perrier, Programme Director, Africa Cybersecurity Resource Centre for Financial Inclusion, ACRC
This event was part of a series of webinars for banks and microfinance institutions operating in these regions, hosted by Making Finance Work for Africa (MFW4A) and the IPC, Horus and IECD Consortium within the context of the European Investment Bank (EIB) TA Financial sector programme for West and Central Africa.