NCBA Bank has announced a substantial investment of nearly $31 million in 2023 to bolster its cybersecurity infrastructure. This significant expenditure underscores the bank’s dedication to safeguarding its digital assets and protecting customer data amid the escalating threat of cyberattacks.
During a recent forum with its SACCO Banking Division customers, NCBA Group Managing Director John Gachora highlighted the bank’s commitment to cybersecurity. He emphasized that the investment has been directed towards cutting-edge technologies such as cloud migration, data quality management, server upgrades, and advanced security protocols.
Gachora noted that the bank has enhanced its cybersecurity measures with robust systems including security assurance, information security awareness programs, vendor and third-party security controls, fraud management systems, and firewalls. These upgrades are designed to detect, prevent, and respond to cyber threats promptly and effectively.
The forum, held at the Serena Hotel in Nairobi, focused on guiding SACCO Banking Division customers to strengthen their defenses against the increasing wave of cyber-attacks. Key topics included the high costs of ICT infrastructure and the rapidly evolving nature of cyber threats, which pose challenges for implementing effective cybersecurity strategies within SACCOs.
NCBA Group’s suite of SACCO Banking solutions, including Virtual Accounts for Diaspora Remittances, Check-Off Automation, Open Banking, and Automated Direct Debits, is tailored to enhance operational efficiency and bolster cyber defenses. These solutions aim to improve service delivery and resilience for SACCOs.
John Gachora concluded by stressing the importance of building resilient systems to stay ahead of potential threats. He called for the adoption of best practices, staying informed, and continuous innovation to create a secure environment where SACCOs and the broader financial sector can thrive.
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