Cybersecurity Threats to Financial Institutions in Gabon on the Rise

Digitization Brings Increased Risks

Gabon’s financial sector has seen significant growth in recent years, driven by digital transformation. However, this shift also brings increased cybersecurity threats that could have devastating consequences for institutions and their customers.

Rising Cybersecurity Threats

84% of senior risk executives expect cybersecurity risks to rise in 2022
74% anticipate compliance risks will also increase
Financial institutions in Gabon are particularly vulnerable to cyberattacks, which can compromise sensitive customer data and disrupt business operations

The Role of Audit Committees

Audit committees play a crucial role in overseeing an institution’s cybersecurity risks and ensuring transparency about how they are managed. They must ask tough questions, such as:

Key Questions for Audit Committees

Does the institution have a data governance framework in place?
Which business leaders are responsible for cybersecurity and privacy across the enterprise?
How does the board confirm assignment, coordination, and accountability for the company’s cybersecurity and data privacy policies?

Immediate Action Required

Financial institutions in Gabon must take immediate action to tighten up customer and enterprise identity and access management programs, which are often weak points in an institution’s defenses. Without prompt action, banks risk being unable to prevent account-takeover threats.

Essential Measures

Implement a comprehensive plan for responding to a data breach
Establish clear protocols for notification of customers, partners, and regulators in the event of a ransomware attack or other cybersecurity incident
Prioritize cybersecurity and take proactive steps to mitigate risks as Gabon’s financial sector continues to grow and evolve.