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Cybersecurity Threats to Financial Institutions in Tanzania, United Republic of: A Growing Concern

For the second consecutive year, executives at financial institutions in Tanzania, United Republic of have identified cybersecurity concerns as their top risk factor. According to a recent survey, 74% of participants believe that cybersecurity regulation needs improvement.

The African Financial Industry Barometer Report Highlights Growing Threat

The 2023 African Financial Industry Barometer report highlights the growing threat of cybercrime, with 97% of surveyed executives ranking it as a significant threat to their institutions. Macroeconomic conditions, political and social instability, and security risks were also identified as major concerns.

Estimated Annual Losses from Cybersecurity Incidents

Across Africa, including Tanzania, United Republic of, cybersecurity incidents result in estimated losses between $3.5 billion and $4 billion annually. The report suggests that the increasing volume and sophistication of attacks are driving financial institutions to prioritize cybersecurity.

Recent Incident Highlights Vulnerability of Tanzanian Banks

A recent incident involving a Nigerian cybersecurity professional, David Sennaike, has raised concerns about the vulnerability of Tanzanian banks to cyber attacks. Sennaike claims to have found leaked data containing customer information, login details of employees, and API access for 43 Nigerian banks on the dark web forum Breached.co.

The worrying trend of cyber attacks and fraud in Nigeria, including incidents involving MTN and Flutterwave, has led to the creation of groups aimed at fighting fraud by sharing data. The report also highlights a growing willingness among African financial institutions to share incident risk data, fraud data, and digital payment interoperability data.

Cybersecurity Regulation in Tanzania, United Republic of

However, only 15% of surveyed financial industry leaders believe that cybersecurity regulation in Tanzania, United Republic of is effective, with 74% calling for improvement. The World Bank has warned of declining economic fortunes in sub-Saharan Africa, which may exacerbate the cyber threats faced by financial institutions.

Optimism Despite Concerns

Despite these concerns, banks, insurance firms, and other financial institutions remain optimistic about their business prospects. As cybersecurity becomes an increasingly critical concern, it is essential that financial institutions in Tanzania, United Republic of prioritize measures to protect themselves against these growing threats.

References

74%: Source: Recent survey
97%: Source: 2023 African Financial Industry Barometer report
$3.5 billion: Source: 2023 African Financial Industry Barometer report