New cybersecurity course targets financial industry

Technology

New cybersecurity course targets financial industry


A cybersecurity expert works on secure access to the Internet to protect servers against cybercrime. PICTURES | SHUTTER

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Summary

  • Cybercrime and related threats have flourished following the expansion of mobile broadband networks such as 3G and 4G which have transformed Kenya into a digital economy.
  • The position of the financial services sector at the heart of the global economy makes it an attractive target for cybercriminals.
  • The latest Financial Sector Stability Report – prepared by regulators including the Central Bank of Kenya and the Sacco Companies Regulatory Authority – shows that saccos lost 106 million shillings in the 17 months to March 2021 at cause of cyber theft.

The Chartered Institute for Securities and Investments (CISI) has unveiled a cybersecurity course for financial sector practitioners amid an upsurge in cybercrime and related threats.

The self-study online course explores the nature of cyber risk, types of attacks to be aware of, steps to take in the event of an attack as well as regulatory details and legal requirements.

Cybercrime and related threats have flourished following the expansion of mobile broadband networks such as 3G and 4G which have transformed Kenya into a digital economy.

“This new certification will allow companies to avoid potential crippling of IT systems, theft or loss of data that could result in outages, fines or penalties for inadequate protection, said John Kihoro, ACSI, the representative from CISI East Africa.

The position of the financial services sector at the heart of the global economy makes it an attractive target for cybercriminals.

These hackers often exploit weaknesses in the growing number of digital connections between financial firms and their customers and customers.

The latest Financial Sector Stability Report – prepared by regulators including the Central Bank of Kenya and the Sacco Companies Regulatory Authority – shows that saccos lost 106 million shillings in the 17 months to March 2021 at cause of cyber theft.

The losses – the equivalent of 6.23 million shillings per month or 208,000 shillings per day – are due to increased use of digital channels such as mobile banking.

Cybercriminals can be sophisticated criminal organizations looking to steal data, rogue states keen to disrupt services, or activist groups simply wanting to cause havoc.

In 2019, cybercriminals attacked some 18 Kenyan government websites, leaving their homepages dysfunctional.

State websites were hacked by an Indonesian hacker group “Kurd Electronic Team”, but it remains unclear whether the attack was state-led.

Mr. Kihoro revealed that the course titled Corporate Cyber ​​Security Professional Assessment was developed following requests from leading financial firms and contains relevant and up-to-date information on key cybersecurity topics.

The course is aimed at practitioners working in all areas of financial services, including wealth, planning, securities and equities, bonds, operations, risk, compliance, fintech, corporate finance business and regulation.

CISI, which is based in the UK, brings together practitioners in securities, investment, wealth management, banking and financial planning.

The organization was established in 1992 by London Stock Exchange practitioners and currently has a global community of approximately 45,000 members in 104 countries.

CISI has five membership grades, including Affiliate, Student, Associate, Chartered Member, and Chartered Member.

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