Financial Crime World

ANGOLA’S FINANCIAL INSTITUTIONS UNDER SIEGE: CYBERSECURITY THREATS ON THE RISE

Cybersecurity Concerns in Angola’s Financial Sector

Angola’s financial sector has been considered cyber secure by several analysts, with most institutions taking proactive measures to protect against potential threats. However, experts warn that complacency could be a recipe for disaster.

The Current State of Cybersecurity in Angola

According to Filipe Quiteque, a university professor and cybersecurity consultant at CyberSecur, the Angolan financial system is relatively safe, thanks in part to regulations imposed by the Bank of Angola (BNA) that require institutions to invest heavily in information security. “Yes, the financial sector in Angola is cyber secure,” he said during an address at the recent CyberSecur Summit.

Challenges Ahead

However, Quiteque and his colleague Alberto Afonso, director of Information Security at CyberSecur, also noted that the financial sector is still taking its first steps when it comes to cybersecurity. Despite notable growth, there are concerns that the increased use of technology could create new vulnerabilities. “The easier technology tends to be, the more insecure it becomes,” Afonso warned.

Excessive Data Collection: A Major Concern

Experts have sounded the alarm over excessive data collection in Angola, which they say is a major concern for the country’s financial institutions. The issue was highlighted at the CyberSecur Summit 2023, where participants expressed concerns about the risks associated with collecting and storing vast amounts of user data.

Recent Progress: Muticaixa Express Application

The recent introduction of the muticaixa express application has been seen as a step in the right direction, with improvements to security features being welcomed by experts. However, they cautioned that security is an ongoing process that requires continuous improvement as new technologies and features are introduced.

Conclusion

As Angola’s financial institutions continue to navigate the complex world of cybersecurity, it remains to be seen whether they can maintain their current level of security in the face of increasing threats. One thing is certain, however: complacency will not be an option for those who want to stay ahead of the curve.

Key Takeaways

  • The Angolan financial sector has been deemed cyber secure by several analysts
  • Regulations imposed by the Bank of Angola (BNA) have helped institutions invest in information security
  • However, experts warn that the increased use of technology could create new vulnerabilities
  • Excessive data collection is a major concern for the country’s financial institutions
  • Continuous improvement and ongoing cybersecurity efforts are necessary to stay ahead of threats