Financial services sector is expected to allocate significant resources in enhancing their system integrity and that of their customers with push for convenient financial technologies.
Stakeholders at the 2nd Annual Africa Banking and Finance Innovation Summit say leveraging on cloud technologies will also help businesses cut costs and analyse data to create personalised services.
The ever-increasing security risks in the banking sector call for heightened vigilance.
According to the national Computer Incident Response Team, between July and September 2019, 25.2-million cyber threats were detected 4 million of them being web application attacks.
The 2nd Annual Africa Banking & Finance Innovation Summit explored the emerging technologies, developments, latest trends and new opportunities within ?nancial institutions and insurance companies throughout East Africa.
Microsoft’s Director of Small and medium Corporates in Middle East & Africa Kunle Awosika noted that digital transformation can help drive solutions like cloud adoption for banking.
He added that the institutions must evolve their approaches and their aims from safeguarding assets to building agile security frameworks that enable digital transformation.