Cyber Security in Emerging Financial Markets

Findings from a CGAP survey conducted in 2017 with 11 digital financial service providers in Sub-Saharan Africa
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This paper is a supplement to the CGAP Blog Series, "Cybersecurity and Financial Inclusion: Protecting Customers, Building Trust".

The use of mobile networks and the internet for the delivery of financial services has opened the door to new types of risks, including denial of service attacks, fraudulent money transfers, identity theft and data breaches. The impact that cyber risks can have on the financial sector is significant. In addition to the financial losses incurred by the industry and consumers, cyber incidents and data breaches harm consumers’ trust and confidence in the financial system or individual institutions. This publication shares findings from a survey CGAP conducted in 2017 with 11 digital financial service providers from Kenya, Tanzania, Zambia, Uganda, and Ghana to understand how they perceive cyber risks, what threats they are most concerned about and what practices and processes they have in place for managing cyber risks.


This work was funded in whole or in part by CGAP. Unlike CGAP's official publications, it has not been peer reviewed or edited by CGAP, and any conclusions or viewpoints expressed are those of the authors, and they may or may not reflect the views of CGAP staff.

About this Publication

By Hildah Nduati