Financial Crime World

ANGOLA’S ONLINE BANKING SECURITY RISKS HIGHLIGHTED AS COUNTRY MODERNIZES FINANCIAL SYSTEM

A Growing Concern: Cyber Threats in Angola’s Financial Sector

In light of growing cyber threats, Angola’s National Bank (BNA) has been forced to develop robust cybersecurity strategies to protect consumers and ensure the integrity of its financial system. According to BNA Deputy Governor Maria de Fontes Pereira, these strategies will focus on data protection policies and incident response mechanisms.

Modernizing the Financial System

Angola continues to modernize its financial system, aiming to offer faster, more efficient services for banking institutions. The BNA has emphasized that cybersecurity is a fundamental pillar in guaranteeing consumer confidence and the integrity of the financial system, particularly with the increasing adoption of digital technologies.

Staying Ahead of Technological Developments

To stay ahead of technological developments, the BNA is promoting international exchange programs to share best practices and identify strategies to mitigate risks associated with innovations such as artificial intelligence. Deputy Director of the BNA’s Financial Stability Department Analdete Garcia emphasized that the institution’s focus is on defining regulations aligned with international standards and implementing safe technological solutions driven by new technologies.

Challenges Ahead

Despite these efforts, challenges remain, including:

  • Adapting existing regulations to keep pace with technological advancements
  • Transitioning from traditional banking models to digitalization
  • Training human capital to stay ahead of emerging threats
  • Strengthening control policies to prevent financial crimes
  • Implementing safe and secure online banking systems

International Expertise Shared at Virtual Conference

To address these challenges, the BNA has convened a virtual conference featuring international experts who shared experiences on:

  • The impact of artificial intelligence on the supervisor-supervised relationship
  • Open banking in Portugal
  • Timelessness and its effect on financial inclusion
  • Kwik payment arrangements

The event aimed to promote dialogue among stakeholders and provide insights into the realities of Angola’s financial market as it navigates the complexities of new technologies.