NBFIRA Participates at the 6th Annual African Cyber Crime Conference

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) participated in the 6^th Annual African Cyber Crime Conference hosted by African Cyber Security, under the theme “Data Protection – The New Normal”. The event brought together experts and key stakeholders in the fields of data governance, risk, cybercrime and cybersecurity and discussed best practices in data protection and the latest trends in cyber security.

Speaking at the event, Mr. Monkgogi Patrick Rampha, Acting Deputy Chief Executive Officer (Corporate Services), NBFIRA, applauded the notable strides made domestically in the adoption of information and communication technologies.

He stated that issues of cyber security, cyber resilience and data protection are increasingly and intricately interwoven into the product and service offerings by non-bank financial institutions, which handle incredible volumes of personal data collected in the normal course of their business. The use of personal data is integral to the design of financial products and services they offer, the risk assessment of existing and potential customers, as well as the determination of qualification for specific products and services.

It is in this light, that the commencement of the Data Protection Act of 2018 is appreciated as it provides the regulatory framework governing how such data is managed and used. This is crucial in the pursuit to protect consumers from the misuse of their personal information.

Rampha added that the COVID-19 pandemic accelerated the use of technology in service delivery particularly in the financial services sector, hastening the need to raise the awareness levels of stakeholders as well as the establishment of mechanisms to guard against cyber criminals. He urged all service providers, to continue to build and maintain their customers’ and stakeholders’ confidence in the integrity of their data management and protection systems, as breaches of confidentiality are hugely detrimental.

In closing he appreciated the concerted efforts of all key stakeholders in this field, as they serve to strengthen the nation’s cyber resilience, cyber security capacity and capability and to harness cyber capabilities for socio-economic development of our citizenry.