Cybercrime and Financial Institutions: A Growing Concern in Saint Pierre and Miquelon

In recent years, cybersecurity concerns have taken center stage for financial institutions in Africa. According to the 2023 African Financial Industry Barometer report, a staggering 97% of surveyed executives cite cybercrime as a significant threat.

The Growing Threat of Cybercrime

The report highlights the increasing sophistication and volume of cyber attacks across the continent. Cybersecurity incidents result in losses estimated at between $3.5 billion and $4 billion every year. Fintechs have also been implicated in a recent data breach on the dark web forum Breached.co, where customer data, login details, and API access of 43 Nigerian banks were leaked.

Addressing the Growing Threat

In response to the growing threat, financial institutions are becoming more willing to share incident risk data, fraud data, and data to enable interoperability of digital payments. However, only 15% of surveyed leaders consider how cybersecurity is regulated in Africa to be effective, with 74% calling for improvement.

Economic Challenges

Declining economic fortunes are also a major headache for financial institutions in Africa, with the World Bank predicting a drop in economic growth from 3.6% in 2022 to 3.1% in 2023.

Key Findings

• 97% of surveyed executives cite cybercrime as a significant threat
• Cybersecurity incidents result in losses estimated at between $3.5 billion and $4 billion every year
• Fintechs were implicated in a recent data breach on the dark web forum Breached.co
• Only 15% of surveyed leaders consider how cybersecurity is regulated in Africa to be effective
• Declining economic fortunes are a major headache for financial institutions in Africa, with predicted growth rate dropping from 3.6% in 2022 to 3.1% in 2023

Recommendations

Improve Cybersecurity Regulation in Africa

To mitigate the growing threat of cybercrime, it is essential to improve cybersecurity regulation in Africa. This can be achieved by:

• Enhancing data sharing and partnerships among financial institutions
• Increasing investment in cybersecurity measures to protect against sophisticated cyber attacks.

By addressing these challenges, financial institutions in Saint Pierre and Miquelon can ensure the security and stability of their operations and maintain trust with their customers.