The communications regulator, the Uganda Communications Commission (UCC) has asked financial technology (Fintech) companies to begin looking at investing in cyber security, not as an expense, but rather as an investment.
The call comes as incidences of cyber security threats have been on the rise due to digital transformation.
Although digital transformation has availed countless benefits, it has also presented enormous challenges as hackers continue to attack businesses with vulnerable systems. Over 40 billion shillings was lost in 2020 through hacking.
On Tuesday, the UCC held a “CEO cyber security breakfast meeting” under the theme, “Cyber security for Mobile financial services in the telecommunication Sector.”
Attended by Chief Executives from various financial technology companies that included; MTN, Airtel, Bank of Uganda, Uganda Bankers Association and Financial technology service providers, the event aimed to find remedies to cyber security related challenges.
Speaking at the event, the UCC Executive Director, Irene Kaggwa Sewankambo called on CEOs to invest heavily in cyber security in order not to fall victim.
“We need to invest in cyber security. We…
