Times Of Swaziland: CYBER THREATS EVOLVING AT AN ALARMING PAC

CYBER THREATS EVOLVING AT AN ALARMING PAC
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Nhlanganiso Mkhonta on 08/11/2024 09:06:00


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.