Standard Chartered Bank Uganda in partnership with Uganda Banker’s Association have today spearheaded industry discussions on Information and Cyber Security (ICS) as a principal risk type arising from the digital and technology 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;
“At Standard Chartered Bank we take Information and Cyber Security as a key risk and we 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 share our knowledge, expertise and best practice with the Ugandan market. As an international bank with a wide footprint, we have the advantage of learnings from our network that we believe 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.
While addressing the participants, the Uganda Banker’s Association Executive Director Wilbrod Owor revealed;
“We are witnessing rapid evolution especially in the banking sector with financial institutions investing in and turning to digital solutions to enhance customer service and experience. Whereas this growth presents phenomenal business opportunities for the industry, it 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.
Mr. Owor further added;
“According to an article published by the independent newspaper on November 14, 2018, experts indicated that over 90% of Ugandans are Cyber Insecure. That statistic is staggering and implies that there is a very high likelihood of each one of us being impacted. It is therefore critical to counter cybercrime by sharing information in order to effectively tackle the ICS risk which is constantly growing in complexity. I appeal to financial services sector to understand the risk environment, be security cautious and vigilant around cyber risks as well as ensure they equip themselves with cyber knowledge that will help lower the likelihood of cyber risk events. I am confident that by the end of this session we will all be empowered to protect our Information from the risk of accidental, unauthorized or unlawful access, disclosure, modification, deletion or destruction, which could result in regulatory, reputational or financial consequences.” He concluded.
Mr. Jonathan Kwofie the Regional Head Business ICS at Standard Chartered Bank, Africa on his part had this to say;
“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;
“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.”
Standard Chartered Bank has organized four stakeholder engagements on Information and Cyber security running from Monday 20th to Thursday 23rd January 2020 for regulators, the industry, clients and its senior management.