Burkina Faso’s Online Banking Security Measures Leave Room for Improvement
Burkina Faso, a West African country with a growing digital economy, has made significant strides in developing its online banking infrastructure. However, a review of the country’s measures to ensure security and accessibility of online banking services reveals areas that require improvement.
Investments in Digital Infrastructure
The government’s national broadband plan includes investments in infrastructure to expand high-speed access networks across the country. According to official data, these investments have targeted:
- Middle mile: Expanding high-speed backbone networks
- Last mile: Connecting individual households and businesses to the network
- Invisible mile: Enhancing network security and reliability
Gaps in Online Banking Security
While Burkina Faso has a Universal Service Fund (USF) in place to finance services such as voice telephony and fixed broadband internet access, there is no indication that this fund includes provisions for cybersecurity measures. This raises concerns about the potential vulnerabilities in online banking systems.
Domain Name Security Concerns
Burkina Faso’s registrar requires registrants to provide their legal name and local business registration information. However, there are no specific requirements to prevent cyber-squatting or phishing attacks.
- Low cost: The cost of securing a domain name in Burkina Faso is relatively low, with an average price of $66.57.
- Lack of transparency: There is a lack of transparency around fees for switching providers or penalties for security breaches.
Recommendations
To address these concerns and build trust among citizens and businesses in the country’s digital economy, Burkina Faso should consider:
- Developing a comprehensive cybersecurity framework for online banking services.
- Establishing regulations governing the use of open-source software and secure coding practices.
- Increasing transparency around fees for switching providers or penalties for security breaches.
- Implementing measures to prevent cyber-squatting and phishing attacks.
By taking these steps, Burkina Faso can strengthen its online banking ecosystem and provide a more secure and accessible digital environment for its citizens and businesses.