Efforts to curb increased incidences of cyber crime within Africa’s financial institutions have received a boost with the planned Banking Cyber Security Workshop set for March 23 at Kigali’s Serena Hotel in Rwanda.
The one-day meeting, a partnership between Security Africa and industry stakeholders, is designed to highlight key Information Technology (IT) security threats, fraud, risk and regulatory issues affecting financial institutions, government agencies as well as public and private organizations in their operations.
The conference comes against a backdrop of the much needed frontline measures required to protect infrastructure within organizations and systems from the current IT-related threats as a key strategic priority, with cyber attack identified as a top tier risk over the coming years.
The Banking and Cyber Security workshop will bring together key stakeholders from the governments, law enforcement agencies, finance institutions and leading ICT security experts to help in finding a lasting solution to address cyber crime.
Target participants include bank managers, compliance personnel, information technology managers and those responsible for IT security within their respective organization and those who develop information security policies and procedures.
The meeting comes a time when various system improvements adopted by organizations in the Eastern and Central Africa to rein in high rates of fraud have proved futile as fraudsters have become increasingly smarter, skimming out larger amounts from target banks.
Banks have become the most affected in the scams, with a recent industry survey conducted on banks in Kenya, Rwanda, Uganda, Tanzania and Zambia indicating that threats like hacking, malicious insiders, card skimming, electronic files manipulation, IT controls circumvention, unauthorized penetration and careless employees have surged as new core banking systems intended for enhanced IT security become more expensive to acquire and deploy.
The security focused event will help all players to identify the technical, environmental and business risks that could lead to service vulnerability, weaken consumer confidence and ultimately cause brand damage and serious revenue decline.
The workshop sessions will deliver ideas to help stakeholders articulate and implement appropriate risk management strategies, optimize internal processes and ensure that systems and hardware infrastructures are robust enough to mitigate risk, assure consumer confidence and maximize revenues.
Some of the key areas targeted in this campaign, which has been sponsored by IBM, Tracom amd East African Business Council among other, include: modernizing payment technology through internet, mobile banking and the security challenges and cyber security threats for the banking sector in East Africa.
Other topics are combating financial crime by complying with set policies and standards to protect institutions, key elements of a good security plan, cloud and virtualization security threats.