Financial Crime World

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Cybercrime in Finance Industry Haunts Angola as Global Threat Escalates

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Angola’s financial sector is facing an unprecedented threat from cyberattacks, with customers suffering a 65% surge in online incidents last year. According to estimates by the World Bank Group, the country’s financial services industry saw a 29% increase in cyberattacks compared to the previous year.

The Growing Menace of Cybercrime

As the world grapples with the growing menace of cybercrime, financial sector authorities are scrambling to strengthen their cybersecurity measures. The threat is not limited to Angola alone; it’s a global issue that requires concerted efforts from all countries.

Highlights of Recent Reports

“Financial Sector’s Cybersecurity Regulatory Digest” and “Financial Sector’s Cybersecurity Regulation and Supervision”

The World Bank Group has taken a step forward by publishing two reports aimed at addressing the pressing issue. The reports highlight several key points:

  • Improved coordination: Establishing protocols for information-sharing among market participants, mandatory reporting of cyber incidents, and regular testing of incident response capabilities.
  • Best practices: Leading jurisdictions have established best practices that include:
    • Information security officer appointment
    • Incident response plans with a clear chain of command
    • Regular cybersecurity training and awareness programs

Challenges Faced by Angola’s Financial Sector

Experts say that more work needs to be done to strengthen regulatory and supervisory practices in Angola. The country’s financial institutions are advised to:

  • Develop an ICT strategy: This should include risk management frameworks, incident response plans with a clear chain of command.
  • Appoint an information security officer: To oversee cybersecurity efforts and ensure compliance with regulations.

Conclusion

The reports emphasize that while some progress has been made, there is still much work to be done to mitigate the growing threat of cybercrime in the finance industry. With the global threat escalating by the day, it’s high time for Angola and other countries to take concrete steps towards enhancing their cybersecurity measures.