As cyber-attacks continue to plague online businesses, the Governor Bank of Uganda (BOU), Prof. Emmanuel Tumusiime -Mutebile has cautioned commercial banks to fortify themselves against likely attacks by building resilient IT systems.
The central bank Governor who was speaking at the start of the 18th East African banking School Conference in Kampala on Monday said that being among the key targets of cyber-attacks, they should deeply focus on protecting their customer accounts.
“They (commercial banks) will also face the risks of cyber fraud perpetrated on their customer accounts. Ensuring that their IT [Information Technology] systems are resilient and their customers’ accounts can be protected from cyber fraud should be a priority for commercial banks,” Mutebile said.
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Reports indicate that the expenditures on innovations within the banking industry account for more than 30% of their capital costs but the central bank argues that syncing technologies and skills in the financial sector remains a critical challenge.
Mathias Katamba, the chairman, Institute Banking said that the sector is closely following the changes in the digital ecosystem, especially emerging technologies like financial intelligence. He said the banking sector is interested in understating their customer journey and how best banks can interact with their customers.
Anthony Mulindwa, the CEO Uganda Institute of Banking said that the starting point is a change in thinking, change in perception that must translate into schemes “with digital flavors to transform the sector.”
He said that the sector must recognize technology as the driver of change today.
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Prof Samuel Sejjaaka, a team leader at Abacus School slammed the mobile money tax introduced by the government, saying that it had a critical impact on the financial sector.
The Conference brought together different stakeholders in the financial sector from Kenya, Uganda, Tanzania, Sudan among others to discuss the future of the sector.
About the East African banking School
Now in its 18th edition, the East African Banking School (EABS) is a regional conference, knowledge and interactive forum jointly organized by the Banking Institutes of Uganda, Kenya and Tanzania.
At the East African Banking School, participants engage on key issues facing the financial services industry, regionally and globally, largely through discussion of researched papers presented by financial sector practitioners and subject matter specialists.
The School presents an opportunity for learning, networking and exchange of ideas with colleagues and the broader financial services fraternity that the participant will find invaluable.
The School’s target audience consists of middle and senior level cadres in the financial services sector as well as professionals from academia, government, development institutions and regulatory bodies with a leaning to and interest in financial sector issues.
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