BoB tasks banks to reinforce cyber security :: Mmegi Online

Commercial banks have been advised to strengthen their cyber security in the wake of increased cybercrime in the country. According to Bank of Botswana (BoB), the financial sector is particularly targeted because of an unique and critical economic function it performs, the nature and value of its assets, as well as the significance of potential financial gains.

In its latest banking supervision annual report, the central bank therefore tasked financial institutions to make efforts to tackle cybercrime, including enhanced risk awareness by the board and executive management, as well as strengthening of board oversight over cyber security risks.

It said cybercrime has the potential to undermine proper functioning of financial systems, adding that if the world’s financial systems fail to put in place cyber risk mitigation measures, the consequences could be far-reaching with adverse implications.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.