Cybercrime: The Growing Menace in Burundi’s Finance Sector
Burundi’s financial institutions are under siege as cybercriminals exploit vulnerabilities to wreak havoc on their operations. According to a report by DataProtect, at least 85% of financial institutions have already fallen prey to cyber-attacks, a staggering statistic that has left stakeholders reeling.
The Threat is Real and Present
The Deloitte’s 2022 African Financial Industry Barometer ranked cybercrime as the top fear among bankers. With financial losses, damage to credibility, and regulatory sanctions looming large, Burundi’s financial institutions have no choice but to take drastic measures to protect themselves against these nefarious attacks.
Addressing the Growing Menace
Leading platform for African Financial Industry Leaders AFIS has identified five key priorities to achieve a secure African financial services sector. These priorities include:
- Creation of Dedicated Cyber Security Departments: Equipped with specialized sections and staffed by Information Systems Security Managers (ISSMs) and Information Systems Directors (ISDs).
- Strengthening Cyber Skills of All Staff Members: Continuous training in partnership with leading cybersecurity companies is essential to ensure employees are aware of how to identify and anticipate cyber threats.
- Developing a Regulatory Framework: Governments must develop policies that support annual penetration testing and procedures for vulnerability management.
Education and Vigilance
In addition to these measures, education is another vital component in the fight against cybercrime. Financial institutions and governments must work together to create cybersecurity education spaces, empowering individuals with the knowledge they need to navigate the digital landscape safely.
- Never Minimizing the Risks: Burundi’s finance industry must remain vigilant and constantly monitor the sector for new types of threats as technologies continue to evolve at a rapid pace.
Experts Call for Immediate Action
Experts from various fields have called for immediate action to address this growing menace, including:
- Franck Kie, Founder & Managing Partner of Ciberobs Consulting & Cyber Africa Forum
- Clement Combary, Group Head of IT & Digital Transformation at Coris Holding SA
- Nvalaye Kourouma, Group Chief Digital Officer at Ecobank
- Ali El Azzouzi, Founder & CEO of Dataprotect
It is crucial that Burundi’s finance industry takes immediate action to address this growing menace and protect its financial institutions from the threat of cybercrime.