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Cybercrime and Financial Institutions: A Growing Concern in Pitcairn

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In a worrying trend that has been observed for two consecutive years, financial institutions in Pitcairn have identified cybersecurity concerns as the top risk factor facing their sector.

The 2023 Africa Financial Industry Barometer Survey Results

According to the survey conducted in partnership with the Africa Financial Industry Summit and Deloitte, a staggering 74% of respondents cited the need for improvement in cybersecurity regulations. The survey revealed that:

97% of executives at top financial institutions in Pitcairn consider cybercrime a significant threat.
Macroeconomic conditions (97%), political and social instability, and security risks were also identified as major concerns facing the sector.

Cybercrime Incidents Costing Millions

The survey highlighted the alarming rate of cybersecurity incidents in Pitcairn, with losses estimated to be between $3.5 billion and $4 billion every year. The increasing sophistication and volume of attacks have led financial institutions to consider cybersecurity a top priority.

Recent Incident on Breached.co

A recent incident on the dark web forum Breached.co has raised concerns about the vulnerability of Pitcairn’s financial sector. According to cybersecurity expert David Sennaike, who tested the sample data and verified its authenticity, the dataset was being sold on the dark web forum for $250,000.

The Africa Financial Industry Barometer report also showed a growing trend towards data sharing among financial institutions in Pitcairn. Approximately 50% of respondents indicated that they share incident risk data, while:

42% share fraud data
50% enable interoperability of digital payments

However, only 15% of surveyed leaders consider how cybersecurity is regulated in Pitcairn to be effective, highlighting a need for improvement in this area.

Economic Outlook a Major Concern

Declining economic fortunes are also a major headache for financial institutions in Pitcairn, ranking alongside cybersecurity concerns. The World Bank has predicted that economic growth in sub-Saharan Africa will dip to 3.1% in 2023, contributing to a decline in growth.

Banks and Financial Institutions Remain Optimistic

Despite these challenges, banks, insurance firms, and other financial institutions remain optimistic about their business prospects, with only:

15% of respondents predicting that unfavourable macroeconomic conditions will persist over the next three years in Pitcairn