Guinea’s Financial Institutions Face Crippling Cybersecurity Threats, Survey Reveals

For the second consecutive year, top executives at financial institutions in Guinea have identified cybersecurity concerns as their number one risk factor. According to a recent survey, 74% of respondents believe that cybersecurity regulations need significant improvement.

Top Concerns for Financial Institutions in Guinea

Cybercrime: 97% of surveyed executives consider cybercrime a major threat.
Macroeconomic conditions: Instability and volatility are significant concerns.
Political and social instability: These factors contribute to the overall risk environment.
Security risks: Executives are concerned about physical security threats, including theft and vandalism.

Cybersecurity Incidents Result in Significant Losses

Cybersecurity incidents have resulted in estimated losses between $3.5 billion and $4 billion annually across the continent. The report highlights that the increase in the volume and sophistication of attacks is the primary reason why financial institutions consider cybersecurity a top concern.

Recent Incident Sparks Fears over Guinea’s Financial Sector

A recent incident has sparked fears over the vulnerability of Guinea’s financial sector to cyber threats. David Sennaike, a Nigerian cybersecurity professional, discovered a post on the dark web forum Breached.co offering leaked data containing customer information, login details of employees, and API access for 43 Nigerian banks. The dataset was being sold for as much as $250,000.

Banks and Fintechs in Guinea Have Suffered Cyber Attacks

Several banks and fintechs in Guinea have suffered cyber attacks or fraud incidents in recent years, including MTN, which lost an estimated $53 million from its mobile money service. The worrying spate of cyber attacks has led to the creation of groups focused on fighting fraud through data sharing, such as Project Radar.

The Africa Financial Industry Barometer report also reveals a trend towards increased data sharing among financial institutions in Guinea. While only 24% of surveyed institutions currently share incident risk data, fraud data, or data for interoperability of digital payments, 50% plan to do so in the short to medium term.

Optimism Despite Concerns

Despite concerns over cybersecurity and economic conditions, financial institutions in Guinea remain optimistic about their business prospects. Only 15% of respondents predict that unfavourable macroeconomic conditions will persist over the next three years.