Financial Crime World

Egypt’s Financial Institution Security Faces New Challenge as Country’s First Sectoral Center Secures Global Accreditation

The Computer Emergency Response Center for the Financial Sector (EG-FinCIRT) at the Central Bank of Egypt has made a significant breakthrough by becoming the first sectoral center in the country to obtain accreditation and membership with the Global Forum for Security Incident Response Teams (FIRST).

Strengthening Cyber Security within Egypt’s Financial and Banking Sectors

This development comes as a major step forward in strengthening cyber security within Egypt’s financial and banking sectors. According to sources, EG-FinCIRT’s achievement aligns with the Central Bank’s strategic focus on enhancing cyber security measures within the sector.

Fostering Cooperation and Coordination

Membership in the FIRST Forum is expected to foster cooperation and coordination in preventing and mitigating cyber security incidents, as well as facilitate the exchange of information among members and promote more effective handling of such incidents. The membership also provides EG-FinCIRT with enhanced technical capabilities, allowing it to tap into the latest global practices in the field.

Empowering Proactive Action

Instant sharing of security information related to cyber incidents will empower members to combat attacks and security threats proactively.

FIRST Forum: A Platform for Cooperation and Strategic Partnerships

Experts point out that the FIRST Forum serves as a platform for fostering cooperation and strategic partnerships between countries and global institutions. Members gain access to valuable resources such as:

  • The annual global cybersecurity incident response conference, which offers insights into the latest approaches and publications on cybersecurity and web services.

Aligning with National Cybersecurity Strategy

The move is seen as a crucial step in aligning with the Central Bank of Egypt’s overarching strategy to actively involve EG-FinCIRT in the implementation of the national cybersecurity strategy. This development is expected to contribute significantly to raising Egypt’s overall information security quality index (Global Cyber Security Index).