Cybersecurity Threats to Financial Institutions in Gabon: A Continent’s Digital Transformation Exposes Critical Infrastructure to Cybercrime

The Growing Concern of Cybersecurity Threats in Africa

As Africa rapidly digitalizes since the COVID-19 pandemic, critical infrastructure is increasingly vulnerable to cybercrime. The continent has lost an estimated $4.12 billion to cyber threats last year alone. Banks and insurance companies have become prime targets for malicious actors.

Malicious Apps and End-Point Devices: A Growing Threat

The high demand for new financial services such as mobile banking has led to a surge in the development of malicious apps and other attack vectors. According to INTERPOL’s partner, Trend Micro, more than 700 million threat detections were recorded in Africa between January 2020 and February 2021.

Establishing Corporate Cybersecurity Governance

Experts warn that Gabonese financial institutions need to establish a corporate cybersecurity governance structure and maintain it to identify and remediate emerging threats. A chief information security officer (CISO) is vital in steering cyber governance within the organization, Franck Kié, Director at Ciberobs, an Ivorian cybersecurity firm, emphasizes.

Ransomware Threats: Cloud-Based Cyberattacks

Cloud-based cyberattacks are also a significant threat as more software systems and data are stored in the cloud. Organizations must ensure their cloud infrastructure is securely configured against breaches. According to Kaspersky, over 1.5 million ransomware detections were made in Africa in 2020.

Supply Chain Attacks: A Growing Concern

Distributed Denial of Service (DDoS) attacks have considerably reduced but remain a threat. However, one of the most dreadful threats going forward is the supply chain attack, Ondoua warns. Supply chain attacks occur when hackers target a software vendor and deliver malicious codes to customers in the form of products or updates that look legitimate.

Creating an Effective Regulatory Framework

As new security challenges emerge, many observers claim that public authorities are not supportive enough. The African Union’s “Malabo Convention” aims to establish a unified legal framework across the continent but has yet to be ratified by 15 countries out of the 55. Some experts say the reticence from countries is due to evolving regulatory policies in individual jurisdictions, especially in the finance sector.

Conclusion

Gabonese financial institutions face significant cybersecurity threats as a result of Africa’s digital transformation. Establishing a robust cybersecurity framework, appointing a CISO, and outsourcing expertise can help mitigate these risks. Effective regulatory frameworks, such as the Malabo Convention, are also crucial in preventing cyber attacks and data breaches. As the threat landscape continues to evolve, financial institutions must remain vigilant and proactive in their approach to cybersecurity.

Key Recommendations for Financial Institutions:

Establish a corporate cybersecurity governance structure
Appoint a chief information security officer (CISO)
Outsource expertise to mitigate risks
Ensure cloud infrastructure is securely configured against breaches
Implement effective regulatory frameworks