Southern African Central Banks Advised to Safeguard Against Cybercrimes

Central banks in southern African countries were urged on Monday to put in place measures to enhance cybersecurity and mitigate disruptions posed by the rise in cybersecurity crimes.

“A number of our member central banks have been affected by cyber incidents, and we equally have not been spared. We, therefore, need to closely collaborate in enhancing cybersecurity and developing resilience of all critical Information and Technology Communication systems to mitigate disruptions,” said Rekha Chifuwe Mhango, Bank of Zambia deputy governor in charge of administration.

The development and establishment of a well-researched and consultative cybersecurity supervision framework were vital for central banks’ operations, she said at the opening of the 29th annual meeting of the Southern African Development Community Central Bank Governors Information Technology Communication meeting in Zambia’s southern city of Livingstone on Monday.

The need for enhanced cybersecurity was vital now that a number of central banks in the region were considering the introduction of central bank digital currencies, she said, adding that other entities regulated by central banks were fast innovating products that use various forms of crypto assets, hence the need for central banks to develop the capacity to effectively carry out their regulatory functions.

Source: Xinhua