The Central Bank of Kenya (CBK) has ordered banks and Savings And Credit Cooperative Organisations (SACCOs) to comply with new guidelines on cyber security that mandate stricter protection for financial systems in order to protect themselves against cyber insecurities.
To support this, the CBK has established the Banking Sector Cybersecurity Operations Centre (BS-SOC), a hub for monitoring cyber threats, coordinating incident response, and conducting digital forensics and investigations.
The BS-SOC is a key element in the implementation of the Computer Misuse and Cybercrime (Critical Information Infrastructure and Cybercrime Management) Regulations, 2024, and forms part of CBK’s Strategic Plan 2024-2027.
It is currently managed under CBK’s Cyber Fusion Unit and is equipped to provide Cyber Threat Intelligence, Incident Response, Digital Forensics, and Cyber Investigations.
“Meanwhile, all regulated institutions must continue to comply with both sets of the requirements simultaneously and are mandated to report cybersecurity incidents to the BS-SOC within stipulated timelines under the CMCA Regulations,” CBK said in a statement.
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“The successful implementation of this initiative requires the full collaboration and cooperation of all stakeholders. This partnership is imperative to enhance the resilience of the banking sector against the significant and persistent challenges posed by sophisticated cyber threat actors.”
The rapid adoption of digital platforms in Kenya has increased exposure to cyber risks among banks, SACCOs, and other financial institutions, necessitating a more proactive approach to managing threats.
According to CBK’s Financial Sector Stability Report 2024, Kenyan banks have lost more than Ksh1.5 billion to hackers in cyber and technology-related fraud.
The report, released in collaboration with the Capital Markets Authority (CMA), the Insurance Regulatory Authority, the Retirement Benefits Authority, and the Sacco Societies Regulatory Authority, tracks risks and vulnerabilities across the financial system.
It further revealed that nearly Ksh1.6 billion was stolen from bank accounts last year, with mobile banking platforms being the most affected, losing Ksh810.68 million.
By Juma Ndigo
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