Uganda: Be Wary of Cyber-Attacks to Banking Institutions - BoU

26 May 2017


Kampala — Bank of Uganda (BoU) has cautioned commercial banks on protecting their clients' information against hackers as they partake in the banking industry in the digital era.

Ms Justine Bagyenda, the executive director supervision at BoU, made the cautionary remarks during the launch of refurbished Barclays Bank Archbishop Luwum Street branch.

"Cyber-attacks have become a menace to the world and I caution banks to be more vigilant," she said.

Ms Bagyenda said the attack that left hospitals and doctors unable to access patient data and led to the cancellation of operations and medical appointments didn't spare banks as well.

"Therefore, Bank of Uganda urges all banks to be more vigilant as they advance financial innovations through financial technology," she said.

She further urged policy makers in the country to ensure stability in the country so as to lure investors to keep on coming to the country.

"No investor wants to invest where there is no stability and predictability. Most investors want reasonable predictability," she said.

During the launch, Mr Rakesh Jha, the managing director Barclays Uganda, said the bank has taken advantage of new technologies to improve the bank's service delivery to its customers like the intelligent ATMs that enable customers to make instant cash deposits on their accounts through ATMs.

Source: The Monitor