Angola's Financial System Faces 250 Daily Cyberattack Attempts, Central Bank Governor Says

Angola's financial system faces an average of 250 cyberattack attempts per day, according to Manuel Tiago Dias, the governor of the National Bank of Angola (BNA). Dias revealed this figure while speaking in Luanda on April 25, 2024, noting that it represents a decrease from the 350 daily attacks recorded in 2023.

In response to the persistent cyber threats, the BNA is taking steps to strengthen its cybersecurity measures. These efforts include implementing innovative processes and technologies, leveraging artificial intelligence, and investing in specialized staff to bolster the central bank's defenses against cyber incidents.

Dias also highlighted the BNA's ongoing work in developing regulatory instruments to adapt to the evolving cyber landscape and facilitate information sharing among financial institutions. The central bank has drafted a cybersecurity framework that is currently in the consultation phase with banking institutions and the World Bank.

The framework is set to be published in December 2024, aiming to provide a comprehensive approach to cybersecurity in Angola's financial sector.

Why this matters: The high frequency of cyberattacks targeting Angola's financial system emphasizes the growing threat of cybercrime in the digital age. Strengthening cybersecurity measures is vital for protecting the integrity of financial institutions and safeguarding the assets of individuals and businesses.

During the discussions, the impact of ransomware incidents was also addressed. Dias acknowledged that the BNA has information suggesting that some ransom payments may be occurring "on the side," outside of official channels. This revelation stresses the need for increased vigilance and robust cybersecurity practices to prevent and mitigate the effects of ransomware attacks on Angola's financial institutions.

Key Takeaways

• Angola faced 250 daily cyberattack attempts on its financial system, down from 350 in 2023.
• BNA is implementing AI, new tech, and specialized staff to strengthen cybersecurity measures.
• BNA is developing a cybersecurity framework to be published in December 2024.
• Cybercrime threatens financial integrity, requiring robust security to protect assets.
• BNA acknowledges some ransom payments may occur outside official channels, raising vigilance needs.