Financial Crime World

Cybersecurity Risks for Financial Institutions in Egypt Remain a Growing Concern

Overview of Cybersecurity Efforts in Egypt

The National Telecom Regulatory Authority (NTRA) established the Egyptian Computer Emergency Readiness Team (EG-CERT) in April 2009 to provide critical information infrastructure protection. EG-CERT is a team of 16 professionals operating around the clock, supporting various sectors including ICT, banking and government.

Challenges Faced by Financial Institutions

  • Despite efforts by EG-CERT, financial institutions in Egypt remain vulnerable to cyber attacks.
  • In recent years, the country has seen a rise in denial-of-service (DoS) attacks, which could compromise sensitive information and disrupt critical services.

Initiatives Taken by EG-CERT

  • The Critical Information Infrastructure Protection and Emergency Plans Department at EG-CERT works closely with partners to develop protection strategies and implement cybersecurity standards.
  • The Cyber Awareness Department focuses on raising awareness about Internet risks, threats and cyber-attacks through various campaigns and training programs.

Progress in Cybersecurity Efforts

Egypt’s ranking in the ITU Global Cybersecurity Index (GCI) has improved over the years, reaching 14th worldwide in 2017 among 165 member states. However, financial institutions must remain vigilant against emerging cybersecurity threats to ensure the safety of their customers’ data and prevent potential economic losses.

International Collaboration

EG-CERT participates in regional and international cyber drills, including those organized by the Asia Pacific Computer Emergency Response Team (APCERT) and the International Telecommunication Union. The team also collaborates with other CERTs, such as US-CERT and CyberSecurity Malaysia, to enhance cybersecurity capabilities.

Recommendations for Financial Institutions

  • Implement robust security protocols
  • Conduct regular risk assessments
  • Provide employee training on cybersecurity best practices

By prioritizing these measures, financial institutions in Egypt can minimize the risks associated with cyber attacks and protect their customers’ sensitive information.