Financial Institutions in Africa Face Growing Cybercrime Threats, Summit to Address Security Challenges
Financial institutions in Africa are increasingly becoming prime targets of cybercrime, according to the organizers of the Banking, Financial Services, and Insurance (BFSI) Security Summit 2025. The event, set to take place in South Africa in May, aims to address the rising cybersecurity challenges faced by the sector. Key incidents, including the theft of $16.8 million from the Bank of Uganda and a ransomware attack on ZB Financial Holdings in Zimbabwe, highlight the urgent need for robust cybersecurity measures within the industry. South Africa’s Standard Bank also confirmed a data breach, further underscoring the vulnerability of financial institutions to cyber threats.
In 2024, fraud losses in Nigeria’s financial sector surged dramatically, with the Nigeria Inter-Bank Settlement System (NIBSS) reporting a 195% increase in actual fraud losses compared to the previous year. The total amount lost to fraud reached N52.26bn, up from N17.70bn in 2023. This spike in fraud is attributed to system vulnerabilities and increased fraud activity across various financial institutions. Despite a slight decline in the fourth quarter of 2024, the data underscores the growing risks that financial institutions face from cybercriminals.
Abe Wakama, CEO of IT News Africa, commented on the evolving nature of cybercrime, stating that financial institutions in Africa are becoming prime targets due to the rapid development of cyber threats. He emphasized that the BFSI Security Summit 2025 would provide a valuable platform for industry leaders to collaborate and share insights on effective cybersecurity strategies. As cybercrime continues to grow at an alarming rate, financial institutions must adapt their security measures to protect against these emerging risks.
The BFSI Security Summit 2025 will bring together cybersecurity experts and industry leaders to address critical issues, including ransomware, data breaches, and the security of emerging technologies like AI, blockchain, and cloud services. Key topics at the summit will include strengthening cybersecurity resilience, ensuring data privacy and regulatory compliance, and improving incident response practices in Africa’s banking, financial services, and insurance sectors. The summit aims to equip industry professionals with the tools and strategies needed to tackle the growing cyber threats targeting the sector.
Source: Punch