The Central Bank of Egypt (CBE) has completed the establishment of an integrated information security centre that will help banks predict cyberattacks before they occur.
Gamal Negm, the Deputy Governor of the CBE, said that the centre that was established will have a significant impact in improving the ability of banking institutions to confront cyber threats, especially with the expansion of the use of financial technology to achieve state goals on financial inclusion and digital transformation.
Furthermore, Sherif Hazem, the CBE’s Sub-Governor for the Cyber Security Sector, explained that the new centre represents a breakthrough in information security in banking institutions and includes the establishment of a department to review banks’ preparations, their ability to address electronic attacks, and ensure that compliance with Information security in banks meets international standards at the level of 3 main determinants — human capabilities, governing rules and procedures, and available technological devices and technologies.
The first of its kind system for information security in the country was prepared under the Strategic and Regulatory Framework for Information Security in cooperation with major international companies specialised in cybersecurity, taking into account that the standards and determinants included in the reference — which number about 400 specifiers — are compatible with their international counterparts.
In preparation for the launch of the new framework — which will be applied in the banking sector — the CBE organised a training course for information security officials in all banks operating in the Egyptian market, where each bank nominated two information security officials to join the training course that includes experts from global consultants specialised in cybersecurity.
The course will last for five days — three of which will include interactive practical training and two of which will rely on virtual training via the internet — with the aim of explaining the standards and limitations included in the framework.
After the end of the training course, a well-thought-out scientific method will measure the readiness of banks to address cyberattacks at the level of the three main axes, where banks will be divided into three categories according to their readiness to address cyberattacks, with rapid interaction planned for banks most in need to strengthen their capabilities in the field of cybersecurity.
The strategic and regulatory framework for information security will be distributed to banking institutions next week and will take into account the observations and recommendations of major banks operating in the Egyptian market related to the new framework.