Kenya reg­u­la­tor is­sues note on cy­ber se­cu­rity

Banking Frontiers - - News / Regulator -

The Cen­tral Bank of Kenya has is­sued a guid­ance note on iden­ti­fy­ing and mit­i­gat­ing cy­ber risks. The note di­rects in­sti­tu­tions in the coun­try li­censed un­der the Bank­ing Act to de­velop and im­ple­ment a com­pre­hen­sive set of pro­gram re­quire­ments to mit­i­gate cy­ber se­cu­rity risk. There are re­ports that the coun­try had lost $175 mil­lion to cy­ber­crime in 2016 and that the in­tro­duc­tion of eSer­vices by pri­vate and pub­lic sec­tor banks has been re­spon­si­ble for the in­crease in new cy­ber weak­nesses. Ex­perts say the in­ter­con­nec­tiv­ity of the Kenyan econ­omy and the au­to­ma­tion of bank­ing ser­vices have fur­ther ex­posed Kenya’s fi­nan­cial sec­tor to risk.

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