CBK Launches Cybersecurity Centre for Banks in Kenya

The Central Bank of Kenya (CBK) had announced the establishment of the Banking Sector Cybersecurity Operations Centre (BS-SOC).

In a statement on Monday, September 22, CBK said the BS-SOC is a key component in the implementation of the Computer Misuse and Cybercrime (Critical Information Infrastructure and Cybercrime Management) Regulations, 2024, and a strategic initiative under the Central Bank of Kenya (CBK) Strategic Plan 2024-2027.

The BS-SOC is currently under CBK’s Cyber Fusion Unit, and is equipped to provide critical services such as Cyber Threat Intelligence, Incident Response, Digital Forensics, and Cyber Investigations.

CBK said it takes note of the prevailing regulatory compliance pressures and has commenced the process of aligning and harmonising the Commercial Banks Cybersecurity Guidelines 2017 and the Payment Service Providers Cybersecurity Guidelines 2019 with the provisions of the Computer Misuse and Cybercrimes (Critical Information Infrastructure and Cybersecurity) Regulations 2024.

Meanwhile, CBK stated that all regulated institutions must continue to comply with both sets of requirements simultaneously.

It also mandated the institutions to report cybersecurity incidents to the BS-SOC within stipulated timelines under the CMCA Regulations.

CBK Directives to Banks and Stakeholders

CBK urged all stakeholders to cooperate to ensure the implementation of the new initiative.

The Bank explained that cooperation regarding the BS-SOC is necessary to solve the constant challenges in the banking sector caused by cyber attackers.

The successful implementation of this initiative requires the full collaboration and cooperation of all stakeholders. This partnership is imperative to enhance the resilience of the banking sector against the significant and persistent challenges posed by sophisticated cyber threat actors.

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CBK directed stakeholders, banks, and Kenyans with inquiries or clarification to contact: The Head, Cyber Fusion Unit, Central Bank of Kenya, P.O. Box 60000-00200, Nairobi.

They can also reach out via telephone on: +254 710 445926, or via e-mail to [email protected].

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Banks Lost Ksh1.5 Billion to Hackers

The Financial Sector Stability Report 2024 revealed that Kenyan banks lost more than Ksh1.5 billion to hackers in cyber and technology-related fraud.

According to the report, the number of fraud cases in 2024 more than doubled, increasing from 153 in 2023 to 353 in 2024.

The total value of amounts affected by fraud also rose significantly, from Ksh 680.9 million in 2023 to Ksh 1.9 billion in 2024.

Of this amount, the actual losses incurred by the sector reached Ksh 1.5 billion, compared to Ksh 596.4 million in 2023.

This indicates that banks experienced more than double the losses in just one year.

CBK compiled the report in collaboration with the Capital Markets Authority, the Insurance Regulatory Authority, the Retirement Benefits Authority, and the Sacco Societies Regulatory Authority.

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