The Reserve Bank of Zimbabwe has urged local banks to update their cyber risk management policies in the face of COVID-19. Ok, that’s a bit misleading. RBZ says since digital transactions are increasing during the pandemic banks have to bolster their security.

Accelerated digitisation by banking institutions in the wake of COVID-19 and the remote working arrangements have expanded the attack surface of banks’ information technology networks. Critical business functions are more exposed to opportunistic and targeted cyber-attacks by criminals and thus increasing consumer protection risks.

Cyber and anti-fraud controls are critical for banking institutions during and post COVID-19. Banking institutions are called upon to remain alert to such threats and activate appropriate risk management responses and to conduct ongoing consumer education campaigns.

MPS 2020

RBZ has instructed banks to review their preparedness for cyber threats. Banks are then expected to submit updated Cyber risk policies before October ends.

Deja Vu

In 2019, Mangudya made a similar declaration. At the time he demanded banks update their…