IGF 2021 WS #39
Threat Intelligence and Cyber Cracks in African Banking

Organizer 1: Gabriel Karsan, INTERNET SOCIETY [email protected]
Organizer 2: Daniel Opio, AddSecurity
Organizer 3: Lily Edinam Botsyoe, Ghyrate Ghana
Organizer 4: ,
Organizer 5: ,

Speaker 1: Nancy Njoki Wachira, Technical Community, African Group
Speaker 2: Daniel Opio, Private Sector, African Group
Speaker 3: Ihita Gangavarapu, Civil Society, Asia-Pacific Group
Speaker 4: Gabriel Karsan, Civil Society, African Group
Speaker 5: Joy Wathagi Ndungu, Private Sector, Western European and Others Group (WEOG)

Moderator

Daniel Opio, Private Sector, African Group

Online Moderator

Lily Edinam Botsyoe, Technical Community, African Group

Rapporteur

Chibuzor Njoku, Technical Community, African Group

Format

Break-out Group Discussions - Flexible Seating - 60 Min

Policy Question(s)

Cybersecurity practices and mechanisms: What are the good cybersecurity practices and international mechanisms that already exist? Where do those mechanisms fall short and what can be done to strengthen the security and to reinforce the trust?
Ensuring a safe digital space: How should governments, Internet businesses and other stakeholders protect citizens, including vulnerable citizens, against online exploitation and abuse?

Businesses of all types, sizes and in all locations are at real risk of a cyberattack at any given moment. The World Economic Forum approximates that from 2019-2023, at least USD 5.2 trillion in global value be at risk and therefore imperative to defend business. This estimation has been exacerbated by a mass online exodus as a result of Covid-19 global public health measures such seen in widespread lockdowns even within Africa.

Africa which has mostly been a consumer and market of foreign technologies dominating and running industries such as the telecoms with companies such as Airtel from India, Orange from France, Vodafone from the UK among others has started to face similar challenges of cybersecurity.

In Africa, the functionality of telecoms stretches to mobile financial services which integrate with banks and the fast emerging Fintechs. Financial inclusion is a far-reaching challenge in developing countries. The 2017–2018 After Access survey conducted in 10 African countries indicates that while bank account ownership is almost universal in developed countries, less than a third (29%) of Africans living in the surveyed countries own a bank account. Majority of African emerging economies, especially in sub-Saharan Africa, are said to be the fastest-growing digital payments market in the world. In fact, the development of mobile technology has paved the way for Africa’s fintech revolution where South Africa, Nigeria and Kenya account for 65.2 per cent of Africa’s fintech startups with Uganda closely emerging in influence.

The dynamics and requirements for telecoms to leverage their focus on the expanded scope of risks in Africa is quite higher than in other regions; thus, proactive defense and cybersecurity response plans have to be top priority given the broadened surface for risks in this industry.

Subsaharan Africa has a well interconnected telecom backed infrastructure i.e mobile money giant Mpesa which has boosted financial inclusion to underserved groups and the instant access of finance resources at a domestic level consolidating development of communities, These innovations are locally operated and not owned, the translucent nature of it’s governing structure has left cracks in it’s efficacy security wise, Reports of data breaches, Privacy deterioration and increasing fees to fully utilize the system has raise new questions that need fast answers as the demographic matures and is underserved we aim to analyze what’s available and critically build a virtuous secure circle of safer, equally distributed affordable payment infrastructures.

SDGs

1. No Poverty
9. Industry, Innovation and Infrastructure
10. Reduced Inequalities
11. Sustainable Cities and Communities


Targets: With targeting solutions on the available cracks in the financial systems we want to boost economic growth and reduce inequalities by having financial inclusion safe for all.

Description:

Our considered thought and proposed solution is to leverage threat intelligence from signature data of past breaches in the foregoing industries to alleviate the risk of great financial losses and data breaches.

Our tackling mechanism on this potent theme shall align how Emerging Technologies especially Artificial intelligence, Blockchain and modern cellular technologies further leverage threats in the fintech sector and how technologies such as stable coin crypto assets can progress financial inclusion considering almost 1 billion people with smartphones are under banked and lack safe and functional financial services accessibility, emerging technologies have the potential to provide safer, wide spread and instant payments much needed during times of crisis. With financial services being tied to insurance and credit to people, people in our target region face substantial marginalization that further underdevelopment. With a panel of experts, users and the youthful demographic the philosophy behind our session is a sequential fusion of emerging technologies their security flaws and solutions they offer when we structure intelligent secure design of systems accessible and localized for all in need.

Expected Outcomes

We shall produce Detailed recommendation reports on the cyberstate and best practises.
We shall for a Working group developing policy papers on the proposed theme.
Creation of a Network of industry experts and practioners that can offer techinical skills and competences needed to achieve cyber security efficacy.
Prerequisite standardization and regulatory frameworks to secure data and digital assets.
All our data will be available as open data with online publications, further specific reports will be given to our stakeholders for further analysis and development.

We aim to prepare monologues and short video artistically presented from our speakers explaining detailed topics to facilitate same page inclusion for onsite and off-site members. We shall be open to collect reports from our registered attendess on the Cybersecurity state of their countries to increase engagement.
Our speakers shall all ask questions to onsite and online participants equally to get more interaction as the session goes.

Online Participation



Usage of IGF Official Tool.