Zimbabwe: Guard Against Cyber-Attacks Banks Told

18 February 2020

Reserve Bank of Zimbabwe Governor, John Mangudya has called on banking institutions to ensure that they have robust Information and Communication Technologies to curb cyber-attacks.

Presenting the first half monetary statement in Harare yesterday, Mangudya said as financial systems now rely more on information technologies there are high chances of attacks therefore there is need for adequate precautions.

"As financial systems become more reliant on information technology for delivery of products and services, there is heightened probability of cyber-attacks.

"Given the highly dynamic cyber threat, banking institutions are required on an ongoing basis to ensure that they have robust ICT systems and sufficient safeguards to deal with cyber risks" said Mangudya

There has been an upsurge of cyber-attacks in the country with private companies and Government being the hard hit.

According to the Zimbabwe Information and Communication Technologies (ZICT), top cyber-crimes in Zimbabwe include phishing/vishing/smishing -- personal information obtained usually through social engineering.

Others included misusing personal information (identity theft); denial of service attacks; agent malpractices -- split transactions, remote withdrawals, hacking, shutting down or misusing websites or computer networks, spreading hate and inciting terrorism.

Many individuals have also fallen victim to cyber-attacks and more than $40 million dollars was lost through cyber-attacks last year.

Cyber attacksFinancial InstitutionsRBZZRP

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