Cybersecurity

Cyber-threats have become a growing concern in emerging financial markets and are weakening consumer trust and confidence in digital financial services. Industry players and governments in emerging markets are becoming aware of the need to develop regulatory frameworks, industry guidance and supervisory processes. However, cybersecurity requires expertise and resources that are often scarce in developing…

The 15th edition of the World Economic Forum’s Global Risks Report is published as critical risks are manifesting. The global economy is facing an increased risk of stagnation, climate change is striking harder and more rapidly than expected, and fragmented cyberspace threatens the full potential of next-generation technologies — all while citizens worldwide protest political and economic…

This paper assesses the relevance of cyber security for the development of inclusive financial systems in developing countries. The growing use of digital financial services and shared service platforms has increased the financial sector’s exposure to cyber risks. Financial service providers and their customers, regulators and supervisors are challenged with the increase in cyber threats…

This document provides key principles and best practices that will offer guidance to assist regulatory and supervisory authorities in devising tools for the financial sector to deal with cybersecurity risks. The Cybersecurity Guide is also useful for financial service providers to help them strengthen their cyber-risk management in the provision of financial services that target…

The Cental Bank of Kenya has developed a Cybersecurity Guideline for Payment Service Providers (PSPs). The objective is to create a safer and more secure cyberspace that underpins information system security priorities, to promote stability of the Kenyan payment system sub-sector. The Guideline sets the minimum standards that PSPs are required to adopt in order…

Greater organisational collaboration across the financial services sector, working alongside law enforcement and Government agencies, will be the key means of putting cyber criminals out of business according to the latest report from UK Finance and KPMG. The report, “Staying Ahead of Cyber crime”  discusses how greater cooperation both within businesses and between firms, law enforcement…

This deck provides an overview of cybersecurity issues in mobile financial services. It addresses the security of DFS provider’s own systems and services as well as the security of the mobile networks they use to deliver their services, the security of the phones that customers use to access their services, and the implications this might…

The paper provides numerous and diverse examples of frauds committed on mobile financial services as well as discussing possible mitigation strategies. Fraud is not unique to mobile financial services, it occurs in all financial services. Nevertheless, since mobile financial services are one of the high potential methods to increase financial inclusion and extend financial services…

Aite Group’s latest report, Digital Authentication: New Opportunities to Enhance the Customer Journey, explores merchant and financial institution initiatives to create an intuitive user experience. A variety of technologies, such as biometrics, is now available that can bring both greater security and a superior user experience. However, the resulting cacophony of vendor messages can be confusing…

This paper outlines a framework to managing fraud and risk. The four key elements of that framework are: (i) determine risk appetite; (ii) identify and assess risks; (iii) establish effective controls; and (iv) monitor and review the risk management strategy. In our research, MMU found that operators are aware of the need to develop a…

The rapid adoption of mobile money use in Africa raises concerns regarding the privacy and security of users, particularly in light of Financial Action Task Force recommendations requiring user transparency and the collection of transaction data. The transparency required of the now-financially-included—particularly in nations with weak adherence to the rule of law and limited privacy…