TECHNOLOGY

Microsoft asks financial institutions in Africa to invest in cybersecurity

Praises African countries for technological advancement, especially on cloud computing.

In Summary
  • Report by the Communications Authority shows investments by companies to tackle cybercrime is paying off.
  • According to CA, attacks during the period under review dropped from 2.35 million to 573,421.
People wearing balaclavas are silhouetted as they pose with a laptops in front of a screen projected with the word 'cyber crime' and binary code.
People wearing balaclavas are silhouetted as they pose with a laptops in front of a screen projected with the word 'cyber crime' and binary code.
Image: /REUTERS

Companies have been urged to safeguard assets and build agile security frameworks to enable digital transformation.

Speaking during the Annual Africa Banking and Finance Innovation Summit in Nairobi, Microsoft Africa’s corporate director  Kunle Awosika said tech strategies must be holistic—embedding the latest technologies into enduring processes.

“Today’s CIOs must evolve their approaches and their aims from safeguarding assets to building agile security frameworks that enable digital transformation,’’ Awosika said.

 
 

The summit is exploring emerging technologies, developments, latest trends and new opportunities within financial institutions and insurance companies, in line with Microsoft’s mission to empower every person and firm to achieve more.

The two-day meeting comes against a backdrop of the latest cybersecurity report by the Communications Authority (CA) that shows investments by companies to tackle cybercrime is paying off.

For instance, the report indicates that the number of attacks involving remote hijacking of computers dropped by 75 per cent in the last quarter of 2019.

According to CA, attacks during the period under review dropped from 2.35 million to 573,421.

Microsoft praised African countries for their technological advancement, especially on cloud computing.

A report by Nutanix Enterprise Cloud Index shows that hybrid cloud deployment has reached 21 per cent, which is above the global average of 18.5 per cent opening an opportunity for manufacturers to embrace digitisation efforts and focus on new opportunities to create value.

"Africa has been the centre of the Fourth Industrial Revolution in terms of embracing technology to transform the FSI space," Microsoft experts said.

 
 

The tech firm reaffirmed its commitment to support financial institutions, innovation summits expected to give experts, professionals and organisations a platform to engage in networking, knowledge-sharing sessions and real-life case studies focused on the latest technologies.

Edited by Josephine M. Mayuya