Financial Crime World

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Cybersecurity Threats to Financial Institutions in Madagascar on the Rise

Madagascar’s financial institutions are facing unprecedented cybersecurity threats, with 97% of surveyed executives considering cybercrime a significant threat. The country joins its African peers in prioritizing cybersecurity concerns, with 74% of respondents calling for improvement in regulatory frameworks.

Threats Facing Financial Institutions

According to the latest Africa Financial Industry Barometer report, macroeconomic conditions, political and social instability, and security risks are among the most prevalent threats facing financial institutions in Madagascar. The report also reveals that cybercrime results in losses estimated at between $3.5 billion and $4 billion every year across the continent.

Vulnerability of Banking Sector

A recent discovery by Nigerian cybersecurity professional David Sennaike has raised concerns about the vulnerability of Madagascar’s banking sector. Sennaike claimed to have found a post on dark web forum Breached.co offering leaked data containing customer information, login details of employees, and API access of 43 Nigerian banks. The dataset, which was being sold for $250,000, reportedly included bank verification numbers (BVNs) and other sensitive customer information.

Data Sharing Among Financial Institutions

The report also highlights the trend towards increased data sharing among financial institutions in Madagascar, with approximately:

  • 50% willing to share incident risk data
  • 42% willing to share fraud data
  • Only 24% of surveyed financial institutions currently share data on risk incidents, fraud, money laundering, or cyber incidents

Optimism Despite Challenges

Despite concerns about cybersecurity threats, financial institutions in Madagascar remain optimistic about their business prospects, with only 15% predicting that unfavourable macroeconomic conditions will persist over the next three years.

Fighting Against Fraud

The worrying spate of cyber attacks and fraud has led to the creation of several groups to fight against fraud by sharing data, including Project Radar, which aims to improve cybersecurity and reduce the risk of financial crimes. As Madagascar’s financial institutions navigate these challenges, it is clear that cybersecurity must be a top priority to ensure the stability and security of the financial sector.

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