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NCBA Bank Used USD 5 Million In 2023 To Fortify Its Cybersecurity

BY Juma · September 9, 2024 09:09 am

As the threat of cyberattack aimed at financial institutions within and without Kenya intensify, NCBA Bank Kenya used at least USD 5 million in 2023 alone to fortify its cybersecurity. This is according to the Managing Director of NCBA John Gachora.

“NCBA has demonstrated its capability in handling cybersecurity. The Group last year spent close to $5 million in fortifying its cybersecurity infrastructure.

We have invested in cutting-edge technology such as cloud migration, data quality management, server upgrades, robust protocols such as security assurance, information security awareness programs, vendor/ third party security control, data security controls, fraud management system firewalls to detect, prevent and respond to threats promptly,” he said.

Read Also: NCBA Bank Climbs The Ranks: Now Among Africa’s Top 100 Most Valuable Brands

Speaking during the NCBA Sacco Banking, one that has brought together Government officials and stakeholders within the Sacco and Co-operative movement, Gachora said NCBA understands the need for Cybersecurity, not just for the banks but Saccos too.

According to the Central Bank of Kenya’s Banking Sector Innovation Survey for 2023, “Cyber-risk turned out to be the most significant risk area for financial institutions in their innovation endeavors, with approximately 91 percent of Kenyan financial institutions, experiencing at least one cyberattack in 2022.

Read Also: NCBA Bank’s Half-Year Profits At Ksh 9.8 Billion, Promises Goodies For Shareholders And Customers

“It is difficult to talk about the Kenyan financial system without mentioning SACCOs, given the significant role they play in the Kenyan Economy… Kenya’s Cooperative movement is ranked 1st in Africa and 7th in the World making it a very strong player and very key to Kenya’s economy,” Mr. Gachora added.

In his speech, Gachora revealed that about 14 million Kenyans are members of a SACCO, with over 22,000 SACCOs registered and over 500,000 people employed by SACCOs, hence forming one of the greatest links in Kenya’s financial sector.

“As per insights shared from the Ministry of Co-operatives and MSMEs in our last engagement, SACCOs are a critical catalyst for resource mobilization through savings, serving as pivotal enablers for the key pillars of the Bottom-up Economic Transformation (BETA) – Agriculture, MSMEs, Health, Affordable Housing, and the Creative and Digital Economy,” he said.

Read Also: NCBA: The Bank Every Entrepreneur And Business Owner Must Bank With And Invest In

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it.(020) 528 0222 or Email: info@sokodirectory.com

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