Rwanda’s Central Bank Warns of Looming Cyber Attacks on Financial Institutions

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The Governor of the National Bank of Rwanda, John Rwangombwa, has sounded a warning about the growing threat of cyber attacks on the country’s financial institutions. Speaking at a national forum on cyber and financial crimes in Kigali, Rwangombwa urged financial institutions to remain vigilant against emerging threats.

Cyber Attacks: A Growing Concern

“Criminals are constantly developing new techniques to commit cyber crime,” Rwangombwa said. “We need to keep a constant review of activities carried out in banking institutions because they are highly vulnerable to cyber attacks.” He noted that while cyber-related crimes are still relatively new in Rwanda, the existing cases remain a significant threat to the national economy and development.

The Banking Sector’s Response

Rwangombwa emphasized that the country’s banking sector is working to create a secure investment environment. However, he acknowledged that more needs to be done. “We need to keep pace with emerging threats and develop robust strategies to prevent and respond to cyber attacks,” he said.

Rwanda’s Inspector General of Police, Emmanuel Gasana, also weighed in on the issue, stating that cyber crimes are a global threat and Rwanda is committed to countering it. He pointed out that addressing cyber security challenges requires enhanced cooperation, timely information sharing, and the adoption of cyber security protection policies.

Cyber Security Efforts

In 2016, Rwanda thwarted over 1,000 daily cyber attacks before they could affect targeted individuals, companies, and institutions. The same year saw the launch of a $3 million cyber security system aimed at protecting public and private institutions against online crimes.

Global Threat

A survey conducted by Kaspersky Lab in January 2016 found that most businesses across Africa had been hit hard by cyber crime, with East Africa being particularly vulnerable. Kenya was identified as the most attacked country in the region, with businesses losing up to $146 million annually due to cyber crime.

Key Takeaways

Cyber attacks are a growing concern for financial institutions in Rwanda
The country’s banking sector is working to create a secure investment environment
Enhanced cooperation and information sharing are key to addressing cyber security challenges
Rwanda has implemented measures to prevent and respond to cyber attacks, including a $3 million cyber security system
Cyber crime is a global threat that requires a coordinated response from governments, institutions, and individuals.