Financial Crime World

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Cybercrime on the Rise in Burkina Faso’s Finance Industry

Ouagadougou, Burkina Faso - A Growing Concern

As the digital landscape continues to expand in Burkina Faso, so too does the threat of cybercrime. According to recent statistics, the country has only 4.40% internet penetration, but this small percentage is not immune to online threats.

Lack of Legislation and Regulation

  • The Law on Network and Electronic Communication Services is in place, but it does not adequately address cybersecurity issues.
  • The Law on Services and Electronic Transactions provides some regulation, but it is not sufficient to combat the growing threat of cybercrime.

Technical Measures

  • The International Telecommunication Union (ITU) has conducted a CIRT readiness assessment for Burkina Faso, identifying areas where improvement is needed.
  • The national CIRT, CIRT.BF, has been established and recognized national cybersecurity frameworks, but there is no certification process in place for public sector professionals or agencies.

Organization Measures

  • The National Agency for Information Systems Security (ANSSI) is responsible for implementing a national cybersecurity strategy, policy, and roadmap.
  • However, ANSSI will not be fully operational until 2014. In the meantime, the regulatory authority for electronic communication, ARCEP, has conducted a global study on cybercrime in Burkina Faso.

Capacity Building

  • There are no officially recognized national or sector-specific research and development programs for cybersecurity standards, best practices, and guidelines.
  • Similarly, there is no certification process for public sector professionals or agencies.
  • Additionally, Burkina Faso does not have any educational or professional training programs to promote awareness of cybersecurity issues.

Cooperation

  • Burkina Faso does not have any officially recognized partnerships with other countries to share cybersecurity assets.
  • However, the national CIRT has an internal sharing program, and the country is a member of the ITU-IMPACT initiative, which provides access to relevant cybersecurity services.

Child Online Protection

  • Burkina Faso lacks specific legislation on child online protection.
  • While the country has acceded to the Convention on the Rights of the Child and the Optional Protocol to the Convention on the Rights of the Child on the Sale of Children, Child Prostitution and Child Pornography, there is no national agency providing institutional support or reporting mechanisms for incidents related to child online protection.

As cybercrime continues to pose a significant threat to Burkina Faso’s finance industry, it is crucial that the government takes immediate action to address these issues. With no legislation in place, the country is vulnerable to attacks and exploitation. It is imperative that measures are taken to protect both individuals and businesses from the growing threat of cybercrime.