CYBER THREATS EVOLVING AT AN ALARMING PAC

EZULWINI – The Minister of Finance Neal Rijkenberg says cyber threats are evolving at an alarming pace, and central banks and financial institutions are increasingly seen as prime targets.

Rijkenberg said as financial systems become increasingly interconnected, the risks associated with cyber-attacks, data breaches and technological failures become more pronounced. He stated that in the COMESA region, where many financial institutions are still strengthening their cyber defences, they must take proactive measures to safeguard their systems and protect citizens’ financial assets. “We must enhance our cyber security frameworks. This involves not only adopting advanced technologies but also fostering a culture of security awareness among our banking professionals and consumers alike.

Resilience

Central banks must lead the charge by implementing regulatory guidelines and standards for cyber resilience, ensuring that our financial institutions are equipped to keep in check all potential threats,” said the minister. Rijkenberg stated that cyber security is a challenge that no single institution can tackle alone. “In our various jurisdictions, institutions should continue sharing intelligence, resources, and best practices, to create a robust network of defense that not only protects our central banks and financial institutions but also our citizens,” he said.
He said the need to invest in capacity building cannot be overemphasised. He said education and training are vital in equipping our workforce with the skills needed to navigate this digital landscape safely.

He said there is a need to encourage partnerships between governments, educational institutions and private sector stakeholders to develop training programmes that address the skills gap in cyber security. Similar collaborative initiatives should be encouraged at the COMESA level. “As we embrace digital banking, we must also be vigilant about other emerging risks. The rise of fintech companies, while fostering innovation, can introduce vulnerabilities that may not yet be fully understood. Therefore, central banks must have regulatory frameworks that are dynamic to encompass these new players, ensuring they adhere to the same standards of security and accountability as traditional banks,” said the minister.

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