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Egypt’s Fintech Sector Takes Centre Stage as Cybersecurity Concerns Grow
High-Profile Conference Discusses Latest Legislation and Regulatory Framework
A high-profile conference was held at the weekend, bringing together top banks and fintech companies operating in Egypt to discuss the latest legislation and regulatory framework surrounding cybersecurity in the financial sector. The event, organized by leading technology solutions company FITS, featured industry experts and officials from the Central Bank of Egypt (CBE) exploring ways to cooperate with banks to provide comprehensive security solutions and services that safeguard customers’ data.
Strengthening Cybersecurity Measures
According to Mohamed Mamdouh Abu Shahba, a Board Member at FITS, the banking sector is subject to strict monitoring by regulatory authorities to ensure customer data protection and security. The company has been working closely with banks to discuss the new regulatory frameworks issued by the CBE and provide advice on their implementation.
Identifying Risks and Developing Strategies
The conference also delved into the various risks faced by the banking sector, including cyber-attacks, and ways of addressing them. Abu Shahba emphasized that the coming period will witness an intensified focus on spreading awareness about information security among authorities to prepare for any potential cyber threats.
Focusing on Egypt’s Financial Sector
Ahmed Abdullah, Director of Sales in Africa at RSA Archer, highlighted the importance of focusing on Egypt’s financial sector, which has been grappling with cybersecurity concerns. He noted that the conference aimed to discuss the CBE’s new decisions and measures regarding information security and cybersecurity, designed to help banks secure customer data.
Risk Program and Training Opportunities
Abdullah also emphasized the significance of RSA Archer’s risk program, which enables information security officials in the financial sector to identify potential risks and develop strategies to overcome them. The company offers its services globally and is committed to cooperating with Egyptian universities to provide training opportunities for students, creating a new generation of cybersecurity experts.
Growing Threat of Cyber-Attacks
Nour El-Din Mahmoud, Executive Officer at ITS, underscored the growing threat of cyber-attacks worldwide, emphasizing that the conference served as a vital platform for spreading awareness about the dangers of such attacks. ITS aims to develop a framework in collaboration with banks operating in Egypt’s market to help secure their infrastructure and customer data.
Conclusion
The conference provided a crucial platform for stakeholders in Egypt’s fintech sector to discuss the latest legislation and regulatory frameworks surrounding cybersecurity, as well as ways to cooperate and strengthen measures to protect customers’ data. With growing concerns about cyber-attacks worldwide, it is essential that authorities, banks, and financial institutions work together to spread awareness and develop strategies to overcome these threats.
Key Takeaways:
- The banking sector in Egypt is subject to strict monitoring by regulatory authorities to ensure customer data protection and security.
- The CBE has issued new regulatory frameworks regarding information security and cybersecurity, designed to help banks secure customer data.
- RSA Archer’s risk program enables financial institutions to identify potential risks and develop strategies to overcome them.
- ITS aims to develop a framework in collaboration with Egyptian banks to secure their infrastructure and customer data.