Business Tech

‘Summit will address cyber crime’

KELLY NJOMBO, Lusaka
IN AN effort to curb increased incidences of Cyber crime in the financial sector, stakeholders will meet at the Southern Africa Banking Information and Communication Technology (ICT) Summit set for April 30, 2015 in Lusaka.
The banking and ICT summit is aimed at highlighting key Information Technology (IT) advancements and threats affecting financial institutions, Government agencies, as well as the public and private institutions.
According to a statement availed to the Daily Mail, cyber attack has been identified as a top tier risk over the coming years, and that there is need to come up with front line measures required to protect infrastructure within organisations and systems from the current IT-related threats.
“The banking and ICT Summit organised by Cyber Security Africa and industry stakeholders will bring together key players from the governments, law enforcement agencies, financial institutions and leading ICT experts to help in finding a lasting solution to addressing cybercrime,” the statement says.
The summit is expected to help stakeholders and key players identify the technical, environmental and business risks that could lead to service vulnerability, weaken consumer confidence and eventually cause brand damage and revenue decline.
According to a recent industry survey conducted on banks in Kenya, Rwanda, Uganda, Tanzania and Zambia, African and Zambian banks as well as government agencies are among the affected ones.
It cites threats like hacking, malicious insiders, card skimming, electronic files manipulation, IT controls circumvention, unauthorised penetration and careless employees, have surged as new digitalisation system of Government agencies and new core banking systems intended for enhanced IT security become more expensive to acquire and deploy.
“The meeting comes at a time when various system improvements adopted by organisations in the African continent to rein in high rates of fraud have proved futile, as fraudsters have become increasingly smarter, skimming out larger amounts from target banks,” the statement says.

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