The Bank of Zambia on Wednesday, September 17, has raised an alarm over increasing cyber threats targeting the nation’s banking industry.
Governor Denny Kalyalya stated that criminal groups and hacktivists are exploiting system vulnerabilities to steal data, disrupt operations, and erode trust in the financial system.
He attributed the sector’s attractiveness as a target to its rapid growth, driven by mobile penetration and demand for accessible financial solutions, which has created a complex and interconnected ecosystem with widened exposure to risks.
In response, the central bank is advocating for stronger collaboration among stakeholders to build a resilient system. It has already introduced cyber risk management guidelines to ensure institutions are prepared with robust recovery mechanisms. Governor Kalyalya confirmed that strengthening cyber resilience and fraud mitigation is a key priority within the bank’s 2024-2027 strategic plan.