Kenya regulator issues note on cyber security
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.