Cyber intrusion remains a threat to banking - expert

 

In Summary

• Due to the impact of technology in the banking sector, customers are moving away from using cash and checks and relying more on electronic banking to complete transactions.

By MARTIN LUTHER OKETCH

Kampala. Cyber security remains a serious threat to Uganda’s banking sector, according to Ms Olive Katatumba, the Barclays Bank financial controller.

Speaking during the ACCA Fourth Women in Finance Breakfast meeting in Kampala, Ms Katatumba said, the increasing cyber intrusion in banking systems is a threat that banks must guard against.
“This a real problem not only in US, UK or Russia. It is right here with us,” she said, adding that banks must invest in cyber security to curb breaches that have grown both in frequency and sophistication.

The cyber intrusions, which have the potential to disrupt business, financial loss and reputational damage, Ms Katatumba said have put banking at risk at a time when they are struggling to grow and maintain customer numbers. Ms Beatrice Isagayite, the head of ACCA in Uganda, said whereas the digital technology has arguably become the biggest factor shaping the future of business, it has created a lot of disruptions that businesses, especially in the banking sector must adopt.

“Technology is fast changing. So although we already examine digital technology within our [ACCA] qualification, we are enhancing digital content across the divide to keep our students ahead,” she said.
A number of technologies, such as automation robotics, cloud, cyber and blokchain, Ms Isagayite said, have influenced the accounting business, which must be harmonized to remain relevant.

Protecting customers
Due to the impact of technology in the banking sector, customers are moving away from using cash and checks and relying more on electronic banking to complete transactions. However, this has exposed them to cyber intrusion, which calls for more innovation through which banks can protect customers. On average, bank intrusions are less successful due to increased alert.

moketch@ug.nationmedia.com