LUSAKA, Sept. 17 (Xinhua) -- Zambia's central bank on Wednesday raised concern over rising cyber threats targeting the country's banking sector.
Speaking at the launch of the ninth annual banking industry survey report by PwC Zambia, a financial advisory firm, Bank of Zambia Governor Denny Kalyalya said malicious actors, including criminal groups and hacktivists, are exploiting system vulnerabilities to steal sensitive data, disrupt operations, and undermine trust in the financial system.
"The sector has become an attractive target due to the rapid growth of Zambia's financial services, fueled by increased mobile penetration and the demand for more accessible and convenient financial solutions," he said.
Kalyalya noted that the growing interconnectedness of financial systems with mobile operators and third-party platforms has widened exposure to cyber and fraud risks, creating a complex ecosystem vulnerable to attacks.
He called for stronger collaboration among stakeholders to build a resilient and secure financial system as the sector undergoes digital transformation.
The central bank, he said, has introduced measures such as cyber and information risk management guidelines to ensure financial institutions are prepared for cyberattacks and have robust recovery mechanisms.
He added that the central bank's 2024-2027 strategic plan prioritizes strengthening cyber resilience and fraud mitigation across the financial sector.
