Standard Chartered Bank Uganda in partnership with Uganda Banker’s Association has spearheaded industry discussions on Information and Cyber Security (ICS) as a principal risk type arising from the digital and technological revolution.
The session was attended Heads of Operations, Heads of Information Technology, Heads of Compliance, Heads of Risk Management and Audit as well as media who converged at Golden Tulip hotel to understand the global and local trends in ICS, discuss the emerging regulations and learn how to build a Cyber Secure culture.
Albert Saltson while welcoming the participants said they take Information and Cyber Security as a key risk and they have therefore put in place dedicated initiatives to identify, respond to, and protect the bank from Information and Cyber Security Risks Since Cybercrime is a growing threat to everyone and all corporations.
“We have created dedicated forums and resources to discuss the ICS Risk and find ways to mitigate it. We have taken this step to spearhead industry discussions in partnership with Uganda Bankers Association and other stakeholders on this important topic as part of our commitment to sharing our knowledge, expertise and best practice with the Ugandan market,” said Saltson.
He said as an international bank with a wide footprint, they have the advantage of learning from their network that they believe it adds value to the Uganda Banking sector.
“We will continue to premise our service proposition to our clients on the provision of High-quality service to remain a trusted and reliable business partner to them.
“We will, therefore, continue to study and intricately understand our operating environment, manage any emerging risks and support the sector as we go along,” He concluded.
Uganda Banker’s Association Executive Director Wilbrod Owor said the rapid evolution being witnessed especially in the banking sector with financial institutions investing in and turning to digital solutions to enhance customer service and experience comes with risks associated with electronic connections to clients and others.
“Information and Cyber Security (ICS) risks have never been greater and the consequences of failure more impactful for our clients and our firms. We are therefore pleased to partner with Standard Chartered Bank to share their knowledge and experience on Information and Cyber Security with us,” said Owor.
Jonathan Kwofie the Regional Head Business ICS at Standard Chartered Bank, Africa said “The emerging Information and Cyber Security threats present themselves in different ways including; Denial-of-service attacks, Data espionage, Natural threats, Sabotage, Computer Frauds, Malicious attacks, Message falsification or injection, Vandalism, Copyright Violations, to mention but a few.
“It is also envisaged that as the technologies advance, a resultant proliferation of cyber threats will be witnessed. The recent ATM frauds and system hacking attacks that have happened in the Ugandan market are a clear indication that Cyber risk is already here with us so we need to move ahead of the culprits.”
Leah Kimata the Country Information Security Risk Officer, at Standard Chartered Bank East Africa added; “According to a 2019 Official Annual Cybercrime Report by Cybersecurity Ventures, it is estimated that the annual cost of cybercrime damage can be 6 trillion by 2021 and beyond.
“I, therefore, appeal to all stakeholders including, Government, Financial and non-Financial institutions, and other organizations to strategically plan and implement structures and technologies to help in combating cyber threats.”