The Central Bank of Egypt Shares its Pioneering Cybersecurity Experience to the Ghanaian Counterpart

As a part of the Central Bank of Egypt’s continuous efforts to strengthen cooperation with fellow African countries, a delegation of the Central Bank of Ghana concluded its official visit to the Central Bank of Egypt (CBE), which took place between July 31st and August 3rd, 2023. The visit aimed to exchange expertise in the field of cybersecurity and benefit from Egypt’s outstanding know-how in this field.

The visit of the Ghanaian delegation is an affirmation of the pioneering role of the CBE in the field of Cybersecurity at the African level, backed by its successful establishment and operation of the first Sectoral Computer Incident Response Team dedicated to the Financial Sector (EG-FinCIRT).

The Ghanaian delegation capitalized on the technical and operational expertise of the Cybersecurity sector professionals, as well as studying the structure and the tasks of the Cybersecurity’s central departments, particularly the Computing Incident Response Team for Financial Sector (EG-FinCIRT) to build the capacities and enhance the efforts directed towards developing the Financial Industry Command Security Operations Centre (FICSOC).

The Ghanaian delegation tackled the future partnerships and cooperation mechanisms between the Central Bank of Egypt and the Central Bank of Ghana, in addition to highlighting the vital role of applying the Cybersecurity framework for the African financial institutions to enhance regional cyber capabilities. Moreover, the visit included showcasing of governance regulations and reporting dedicated channels adopted at the Central Bank of Egypt to respond to all types of cyber incidents.

The Central Bank of Egypt provided the Central Bank of Ghana with an overall view of the structure, objectives, and strategy in place at the Cybersecurity Sector, as well as EG-FinCIRT’s governance regulations, and its critical role in detecting, responding to, and mitigating cybersecurity incidents. The visit also aimed at identifying the adopted mechanisms and regulations of granting FinTech solutions’ licenses, as well as FinTech applications, while learning about other services provided by the Cybersecurity Sector at the CBE to the Financial sector in Egypt.

Additionally, the delegation reviewed the Cybersecurity readiness assessment strategies and the assurance program applied to help protect Egyptian banks and financial institutions against different cyberattacks, besides coordinating and boosting the collaboration between the Central Bank of Egypt and the Financial Industry Command Security Operation Centre (FICSOC) at the Central Bank of Ghana.