Financial Crime World

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Egypt’s Banking Sector Fights Growing Cybersecurity Threats as Digital Transformation Accelerates

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As Egypt’s banking sector undergoes rapid digital transformation, cybersecurity threats are increasing in complexity and frequency. Abeer Khedr, head of cybersecurity at National Bank of Egypt (NBE), warns that criminals have exploited the pandemic to launch phishing campaigns, malware attacks, and ransomware assaults.

The Evolving Cyberthreat Landscape

The cyberthreat landscape facing Egyptian banks has evolved dramatically due to:

  • Accelerated digital transformation initiatives
  • Adoption of new technologies whose security may not be fully matured
  • Increased reliance on third-party fintech providers

“We’ve seen a significant increase in attack vectors targeting not only external perimeters but also banking applications, endpoints, and third-party APIs,” Khedr explains.

Combating Cybersecurity Threats

To combat these threats, NBE has invested heavily in cybersecurity, including:

  • Launching customer security awareness campaigns to educate customers about mobile security, phishing, scams, and social engineering
  • Increasing its budget for cybersecurity, allocating funds for:
    • Security assessment services
    • Forensics
    • Incident response
    • Brand protection

Investing Wisely in Cybersecurity

Khedr emphasizes the importance of investing wisely in cybersecurity, ensuring that budgets are directed towards the right resources and aligned with business goals, brand-protection objectives, and overall organizational growth strategy.

“The job of the CISO becomes crucial to map this investment to business needs,” she says.

Prioritizing Cybersecurity

With digital transformation accelerating across Egypt’s banking sector, banks must prioritize cybersecurity to maintain customer trust and prevent financial losses. As Khedr notes:

“Investing in cybersecurity is not just a cost, it’s a necessity to guarantee the security of our customers’ transactions and data.”