CBE shares its cybersecurity expertise with Nigeria

Hossam Mounir
4 Min Read

The Central Bank of Egypt (CBE) hosted a specialized technical team from the Central Bank of Nigeria (CBN) as part of its commitment to enhancing collaboration with African nations in the field of cybersecurity. The Nigerian delegation visited Egypt to learn from its exceptional experience in establishing and operating the first sectoral Computer Incident Response Team dedicated to the financial sector (EG-FinCIRT).

The visit lasted for two days, starting from 2 October 2023, and aimed to strengthen bilateral coordination and cooperation in addressing the growing cyber threats to the continent’s digital infrastructure. The technical team from the Cybersecurity Emergency Response Centre for the Nigerian Financial Sector (NFICERT) benefited from the technical and operational know-how of the Egyptian cybersecurity professionals and explored the activities and services offered by EG-FinCIRT. They also gained insights into the detection, response, and mitigation of cybersecurity incidents, as well as the techniques and procedures used in penetration testing, digital forensic analysis, and malware analysis.

Dr. Sherif Hazem, CBE’s Sub-Governor for the Cyber Security Sector, highlighted that “The Central Bank of Egypt has adopted a comprehensive strategy to bolster cybersecurity in the financial and banking sectors, in line with the state’s plans to transform into a cashless society. The Nigerian delegation’s visit is a testament to the proactive efforts of the CBE to foster cooperation with response teams in other African Central Banks. Moreover, African central banks are keen to benefit from the CBE’s pioneering experience, especially its success in establishing and operating the first Sectoral Computer Incident Response Team dedicated to the Financial Sector (EG-FinCIRT), which has also received accreditation and membership in the ‘Global Forum of Incident Response and Security Teams – FIRST’.”

Ibrahim Mostafa, Assistant Sub-Governor of the CBE and Director of EG-FinCIRT, emphasized that “The Central Bank of Egypt recognizes the critical importance of cybersecurity in light of the increasing digital transformation and the ever-evolving, complex threats and challenges confronting the digital national infrastructure. This necessitates strengthening partnerships and exchanging experiences among Response Teams from various Central Banks. In this regard, EG-FinCIRT has shared its technical and operational experiences with the team responsible for managing the Nigerian Financial Industry Cybersecurity Emergency Response Team (NFICERT), reflecting the pivotal role played by the CBE in enhancing and building technological capacities in fellow African nations.”

The Egyptian and Nigerian sides agreed to expand the frameworks of cooperation and intensify the exchange of experiences in the field of cybersecurity and national capacity building. They also committed to ongoing discussions regarding the development of a security strategy for Nigerian financial sector institutions.

This visit marks the second delegation from an African central bank to EG-FinCIRT this year, affirming CBE’s leadership in cybersecurity across the continent. It also illustrates the eagerness of African countries to leverage Egyptian expertise in this domain and gain comprehensive insights into the advanced monitoring mechanisms deployed by EG-FinCIRT, which play a vital role in the proactive monitoring and protection of critical digital infrastructures.

Share This Article
Leave a comment