Cybersecurity Threats to Financial Crimes in Guinea: A Growing Concern for African Banks

The Increasing Concern of Cybercrime in African Financial Institutions

For the second year in a row, executives of financial institutions in Africa have identified cybersecurity as their top concern, surpassing even macroeconomic conditions and political instability. According to the 2023 African Financial Industry Barometer survey, 97% of executives at top financial institutions consider cybercrime a significant threat.

The Economic Impact of Cybersecurity Incidents

The report highlights that across the continent, cybersecurity incidents result in losses estimated at between $3.5 billion and $4 billion every year. This is a concerning trend for African banks, which are already facing a challenging economic outlook.

Recent Developments: A Post on Breached.co Offering Leaked Data of Nigerian Banks

A recent development has raised concerns about the potential for cyber attacks on African financial institutions. According to an article by Nigerian cybersecurity professional David Sennaike, a post on the dark web forum Breached.co is offering leaked data containing customer information, login details of employees, and API access of 43 Nigerian banks.

Notable Cyber Attacks in Nigeria

Several Nigerian banks and fintechs have suffered cyber attacks or fraud incidents in recent years. Some notable examples include:

MTN: Lost $53 million from its mobile money service due to a cyber attack.
Flutterwave: Implicated in alleged attacks, has taken measures to prevent similar incidents by sharing data with other companies through Project Radar.

The Need for Improvement in Cybersecurity Regulation

Despite the growing concern of cybersecurity threats, only 15% of surveyed leaders consider how cybersecurity is regulated in Africa to be effective. There is a clear need for improvement in this area to protect African financial institutions from potential threats.

Conclusion

Cybersecurity threats to financial crimes are a growing concern for African banks, with significant losses every year. The need for improvement in cybersecurity regulation is evident, and it is essential that financial institutions prioritize cybersecurity to protect themselves and their customers from potential threats.