NCBA Bank has announced that it invested nearly $31 million in 2023 to strengthen and enhance its cybersecurity infrastructure.
Speaking during during a forum with its SACCO Banking Division customers, NCBA Group Managing Director, John Gachora said the investment reflects the bank’s commitment to protecting its digital assets and safeguarding customer data against the growing threat of cyberattacks.
”NCBA has demonstrated its capability in handling cybersecurity. The Group last year spent close to $31 million in fortifying its cybersecurity infrastructure” he said.
‘’We have invested in cutting-edge technology such as cloud migration, data quality management, server upgrade, robust protocols such as security assurance, information security awareness programs, vendor/ third party security control, data security controls, fraud management system firewalls to detect, prevent and respond to threats promptly,’’
‘’Today, I can confidently say that NCBA can detect most cyberattack activities within seconds,’’ he added.
The forum which was hosted at the Serena Hotel in Nairobi aimed at guiding NCBA SACCO Banking Division customers to strengthen their defences against the escalating wave of cyber-attacks.
The event highlighted several pressing concerns within the sector, notably the high costs associated with acquiring and maintaining Information and Communication Technology (ICT) infrastructure and the ever-evolving nature of cyber threats. These factors have emerged as significant barriers to the implementation of effective cyber-security strategies within SACCOs.
The NCBA Group’s suite of SACCO Banking solutions includes Virtual Accounts for Diaspora Remittances, Check-Off Automation, Open Banking, and Automated Direct Debits.
The Group says the solutions are designed to enhance operational efficiency, strengthen cyber defences, and improve service delivery for SACCOs.
‘’I want to reiterate that the future of SACCOs and the entire financial sector lies in our ability to build resilient systems. Resilience is about anticipating threats and implementing measures that keep us a step ahead.’’
”By embracing best practices, staying informed, and continuously innovating, we can collectively create a secure environment where SACCOs can thrive,” Gachara concluded.
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