Last month, one of the country's five biggest banks, lost Sh200 million to hackers on a weekend. Most ATM cards used normally have zero transitory history and are never reported as lost," a senior cyber security officer at a multinational lender said. RegulationsIn July 2017, introduced cyber security policy guidelines aimed at helping banks deal with cyber crimes and prepare for emerging threats. Banks are required to compile and file annual report with the regulator detailing on how they plan to curb cyber security threats. Last year, the regulator widened the scope to mobile money transfer networks which are demanded to notify CBK within 24 hours of any cyber security incident.

Source: The Star March 04, 2019 03:33 UTC