When bankers were asked during a cyber-security engagement if their organisations had an ‘efficient budget’ to fight cybercrime, only one did.
With about 25 commercial banks, one development bank, and several micro finance institutions, several telecom companies and Fintechs; with such small budgets vulnerability to cyberattacks are high.
As technology continues to evolve, cyber threats continue to grow in sophistication and complexity making cyber threats and cyber-attacks a leading concern for Board members, CEOs, executives and regulators especially in emerging economies.
Cyber security experts also believe that cyber security measures are increasingly being rendered ineffective in an era where cyber fraudsters are devising newer and more sophisticated online artillery that will see millions lost.
“Things are changing fast and we should be able to adapt too. It is high time companies invest more in technology as they invest in human resources,” said Jonathan Kwofie, the regional head of Information and Cyber Security (ICS) at Standard Chartered.
Emerging threats
Kwofie while addressing the Uganda Bankers’ Association (UBA) members at the Standard…
