Cybersecurity Threats to Financial Crimes in Gabon: Industry Leaders Sound Alarm
Growing Concerns Over Cybercrime in Gabon’s Financial Services Sector
Gabon’s financial services sector is facing a significant threat from cybercrime, with 97% of top executives at African banks and fintechs citing it as a major concern. The latest Africa Financial Industry Barometer survey highlights the growing threat, warning that the continent’s financial institutions are losing between $3.5 billion and $4 billion annually due to cybersecurity incidents.
Key Concerns for Financial Institutions in Gabon
- Macroeconomic conditions
- Political instability
- Security risks
- Cybersecurity threats
Recent Developments: Leaked Data on Dark Web Forum
A recent discovery by Nigerian cybersecurity expert David Sennaike has shed light on the growing threat of cybercrime in Gabon’s financial services sector. He found a post on Breached.co, a dark web forum, offering leaked data containing customer information, login details of employees, and API access of 43 Nigerian banks.
Impact of Cyber Attacks on Financial Institutions
Several banks and fintechs have suffered cyber attacks or fraud incidents in recent years, including MTN, which lost $53 million from its mobile money service after a series of alleged attacks on Flutterwave.
Data Sharing Among African Financial Institutions
The Africa Financial Industry Barometer report highlights the trend towards more data sharing among African financial institutions. While only 24% of surveyed executives currently share incident risk data, fraud data, and data to enable interoperability of digital payments, 50% plan to establish partnerships that will enable them to share data in the short to medium term.
Optimism Despite Challenges
Despite concerns about cybersecurity and economic outlook, banks, insurance firms, and other financial institutions remain optimistic about their business prospects. Only 15% of respondents predict that unfavourable macroeconomic conditions will persist over the next three years in Africa.
Call for Improvement in Cybersecurity Regulation
Industry leaders are calling for improvement in cybersecurity regulation, with only 15% of surveyed executives considering it to be effective. A majority (74%) believe there needs to be improvement, while 11% say that regulation is non-existent or unknown.
The growing threat of cybercrime in Gabon’s financial services sector highlights the need for improved cybersecurity measures and regulation. Industry leaders must work together to address these challenges and protect their businesses from the ever-evolving threats of cybercrime.