Financial Crime World

Burkina Faso: Financial Sector Must Strengthen Cybersecurity to Protect Against Growing Threats

The Alarming Reality of Cybercrime in the Financial Sector

At least 85% of financial institutions in Burkina Faso have already fallen victim to cyber-attacks, according to a report by DataProtect, a leading cybersecurity firm. This staggering statistic has led to widespread concerns among bankers, with cyber attacks now considered the number one fear of industry leaders.

The Devastating Impact of Cybercrime

The report reveals the devastating impact of cybercrime on the financial sector, including significant financial losses and damage to credibility with stakeholders. Regulatory authorities are increasingly imposing sanctions on institutions that fail to protect their systems against cyber threats.

Five Crucial Steps to Strengthen Cybersecurity

Experts at AFIS, the leading platform for African Financial Industry Leaders, have identified five crucial steps that the financial sector in Burkina Faso must take to strengthen its cybersecurity and prevent further attacks:

1. Create Dedicated Cybersecurity Departments

  • Financial institutions must create dedicated cybersecurity departments with specialized sections to ensure effective protection against cyber threats.
  • This will require the recruitment of Information Systems Security Managers (ISSMs) and Information Systems Directors (ISDs) who will be responsible for IT security and incident prevention, detection, and response.

2. Raise Staff Awareness

  • Raising staff awareness of how to identify and anticipate cyber threats is essential.
  • The lack of local expertise in cybersecurity and unclear understanding of these issues among employees poses a significant risk.
  • Financial institutions must encourage continuous training by partnering with leading companies in the field and regularly assessing the maturity of their staff on cyber issues.

3. Develop Regulatory Frameworks

  • Governments should develop a regulatory framework that specifically addresses the cybersecurity issues faced by African financial institutions.
  • This could include policies supporting annual penetration testing and procedures for vulnerability management to assess that cybersecurity risks are appropriately managed.

4. Invest in Human Capital

  • It is crucial to invest in human capital in cybersecurity.
  • Financial institutions and governments must work together to create education spaces that empower people to take ownership of digital tools without fear of threats.
  • Stakeholders should develop and constantly reassess best practices in the face of cyber risks.

5. Never Minimize Cyber Risks

  • Despite all prevention and detection measures, financial institutions must never minimize cyber risks.
  • The rapid evolution of technologies and emerging new types of threats require constant monitoring and innovation to stay ahead of the curve.

Conclusion

Experts warn that the financial industry in Burkina Faso must take immediate action to strengthen its cybersecurity defenses and prevent further attacks. Failure to do so could have devastating consequences, including significant financial losses, damage to credibility with stakeholders, and regulatory sanctions.