Commercial Bank CEO Stresses Collaboration to Strengthen Institutional Cyber Resilience

Addis Ababa November 7/2024 (ENA) Commercial Bank of Ethiopia CEO, Abie Sano, at the closing day of Cyber Security Month, said Cyber security has been becoming a matter of concern for various organizations and requiring coordinated efforts among all stakeholders.

This month-long Cyber Security campaign, themed “Security of Key Infrastructure for Digital Sovereignty,” was held at the Science Museum.

The celebration of this annual event in Ethiopia has commenced since 2019 and has been celebrated globally since 2000, it was learned.

At today's event, the stakeholders emphasized the urgent need for collaboration to enhance Ethiopia’s cyber resilience to detect and respond to cyber  threats.

The CEO of Commercial Bank of Ethiopia revealed that cyber security is not just a technical issue, but a matter of existence that requires coordinated efforts.

Cyber threats are extremely complicated attacks on individuals, institutions and the nation as a whole, Abie elaborated.

Financial institutions like Banks in particular, are more targeted and vulnerable for security threats, the CEO pointed out.

He also underlined the need for strong collaboration among stakeholders to empower cyber resilience ability and to minimize risks.

In this respect, CBE has implemented a comprehensive system designed to thwart cyber-attacks with a huge investment in efficient and updated information technologies.

Moreover, the bank has been providing capacity-building training for experts and managers to ensure that the workforce is equipped to handle evolving threats, Abie indicated.

 

Deputy Director General of Information Network Security Administration (INSA), Yodahe Arayaselassei on his part reiterated the need for collaboration to effectively avert cyber security threats at the national level.

Acknowledging the growing threat of cyber incidents, Yodahe emphasized the necessity of fostering a resilient capacity to effectively counter these challenges.

To avert such challenges, INSA has recently embarked on a new robust national cyber security policy to prevent threats and to ensure cyber security sovereignty, he revealed.  

Low cyber security intelligence, shortage of trained cyber security professionals as well as limited technological resources remain as the significant hurdles in ensuring cyber security resilience, Yodahe stated.

However, the Deputy Director General the newly implemented national cyber security policy can create a conducive environment for research and development to address the challenges in the cyber security sector.

The marking of Cyber Security Month in the country aimed at raising awareness and promoting best practices in cyber security, it was learned.