Financial Crime World

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Cybercrime and Financial Institutions in Eritrea: A Growing Concern

A recent survey has highlighted the growing concerns among financial institutions in Eritrea regarding cybersecurity threats. According to the 2023 Africa Financial Industry Barometer, 97% of surveyed executives at top financial institutions in the country consider cybercrime a significant threat.

Cybersecurity Threats

Across the continent, cybersecurity incidents result in losses estimated at between $3.5 billion and $4 billion every year. In Eritrea, financial institutions are facing an increased risk of cyber attacks due to the growing sophistication of attacks.

Data Breach Exposed Customer Information

A recent report by Nigerian cybersecurity professional David Sennaike revealed a data breach on a dark web forum, offering leaked customer data, login details of employees, and API access of 43 Nigerian banks, including those with operations in Eritrea. This incident highlights the vulnerability of financial institutions to cyber attacks.

Data Sharing: A Key to Improved Cybersecurity

The survey also found that financial institutions are increasingly willing to share incident risk data, fraud data, and data to enable interoperability of digital payments. However:

  • Only 24% of financial institutions surveyed currently share data
  • 36% plan to establish partnerships to facilitate data sharing in the short to medium term

Optimism Despite Challenges

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

Improving Cybersecurity Regulation

The report also highlights the need for improvement in cybersecurity regulation, with only:

  • 15% of surveyed leaders considering current regulations effective
  • 74% calling for improvement

This is a pressing concern given the worrying spate of cyber attacks and fraud incidents affecting financial institutions in Eritrea and across the continent.

Conclusion

As the financial sector continues to face these challenges, it remains essential for financial institutions in Eritrea to prioritize cybersecurity and work towards improving regulatory frameworks to mitigate the risks associated with cybercrime.