Financial Crime World

Cybercrime on the Rise in Burkina Faso: Financial Institutions Under Threat

Burkina Faso, a landlocked country in West Africa, is facing a growing concern for financial institutions and authorities alike due to the rise of cybercrime. In recent years, the country has witnessed a significant increase in cyberattacks, data breaches, and online scams, putting the financial sector at risk.

Cybersecurity Measures

In response to the rising threat of cybercrime, the Burkinabé government has implemented various cybersecurity measures to protect its citizens and institutions. The Ministry of Development of Digital Economy has developed a national strategy for digital economy development (2018-2027) and a national cybersecurity strategy (2019-2023), which includes:

Key Measures

  • Establishing a National Agency on the Security of Information Systems (ANSSI)
  • Creating a Centre on Cybersecurity in Burkina Faso (CIRT Burkina Faso)
  • Strengthening regulatory frameworks for electronic communications services
  • Enhancing cybersecurity awareness and training

Specialized Institutions

Several specialized institutions have been established to combat cybercrime, including:

Key Institutions

  • The National Agency on the Promotion of ICTs (ANPTIC), which promotes the use of ICTs in different sectors and works on questions related to cybersecurity.
  • CIRT Burkina Faso, which delivers an appropriate response to cybercrime threats and serves as a central body for assistance on cyber-related incidents.
  • ANSSI, which is responsible for managing CIRT Burkina Faso.

International Cooperation

Burkina Faso has also strengthened international cooperation in the fight against cybercrime. The country is a member of several regional conventions on judicial cooperation, including the Niamey agreement with Mali, Niger, and Chad. It has also signed a memorandum of understanding with Morocco to enhance cooperation in combating cybercrime.

Challenges Ahead

Despite these efforts, Burkina Faso still faces significant challenges in combating cybercrime. The country’s lack of resources, limited capacity, and inadequate infrastructure hinder its ability to effectively address the issue. Moreover, the increasing complexity of cyberattacks requires specialized skills and equipment that are often not available in the country.

Recommendations

To better combat cybercrime, Burkina Faso should:

  • Strengthen Regulatory Frameworks: Enhance cybersecurity awareness and training among citizens and institutions.
  • Increase International Cooperation: Collaborate with countries and organizations specializing in cybersecurity to share best practices and expertise.
  • Invest in Resources and Infrastructure: Improve its capacity to address cybercrime by investing in resources, equipment, and training programs.

By taking these steps, Burkina Faso can better protect its financial institutions and citizens from the growing threat of cybercrime.