Financial Crime World

Sao Tome and Principe Launches Cybersecurity Initiative to Protect Financial Institutions

The Government of Sao Tome and Principe has embarked on an ambitious digital transformation project, backed by the World Bank, to strengthen its information and communication technology (ICT) sector. The Digital Sao Tome and Principe project aims to invest in telecommunications infrastructure, foundational digital government platforms, cybersecurity measures, and improved connectivity to schools.

Funding from Cybersecurity Trust Fund

As part of this initiative, the World Bank is providing funding from its Cybersecurity Trust Fund to support the development of cybersecurity capacity in the country. This includes preparing Sao Tome and Principe for the investment in cybersecurity that will be undertaken under the project scope.

Developing a National Cybersecurity Strategy

The Government has enlisted the help of the World Bank to develop a National Cybersecurity Strategy and Action Plan for the country. The objective is to support the development of a whole-of-government strategy that sets out medium-term priorities for building cybersecurity capacity in Sao Tome and Principe.

  • Stakeholders from government, civil society, and the private sector will be consulted as part of this process to ensure a holistic approach is taken.
  • The Action Plan must translate these priorities into a phased, costed approach tailored to the country’s limited capacity.

Building Cybersecurity Capacity

Currently, Sao Tome and Principe lacks national legislation or strategy for cybersecurity. This project aims to address this gap by developing a comprehensive national cybersecurity strategy and action plan.

  • The Government recognizes the importance of protecting its financial institutions from cyber threats, and this initiative is designed to ensure that they are equipped with the necessary tools and expertise to stay ahead of potential risks.
  • With the World Bank’s support, Sao Tome and Principe is taking a significant step towards enhancing its cybersecurity posture and safeguarding its economic stability.