In our recent webinar with Mateo Jarrin Cuvi, the Global Manager for Partners and Media at The Association of Governance, Risk & Compliance (AGRC) “Fortifying Financial Systems: Cybersecurity Strategies for Emerging Markets,” expert panellists Jean-Louis Perrier, Director of the Africa Cybersecurity Resource Center (ACRC); Ardi Sutedja K., Chairman & Co-Founder of the Indonesia Cyber Security Forum (ICSF); and our CEO, share valuable insights into the evolving regulatory landscape for cybersecurity in emerging economies, with a focus on the financial services sector.
Watch the recording to gain a deeper understanding of how regulations are evolving, the key measures being implemented to enhance digital resilience, and the collaborative efforts necessary to strengthen cybersecurity defenses.
Here are a few key highlights and takeaways from the conversation:
Evolving Regulatory Framework
The regulatory landscape for cybersecurity in emerging markets is undergoing significant transformation. Jean-Louis highlighted the proactive steps taken by African nations to establish comprehensive cybersecurity laws. “In Senegal and across the continent, we are seeing a concerted effort to build robust regulatory structures that not only address current threats but also anticipate future risks.” These frameworks are crucial for creating a secure digital environment, especially in the financial sector, which is a prime target for cyber threats.
Ardi emphasised the importance of dynamic regulations in Indonesia. “Regulations need to evolve in tandem with technological advancements and emerging threats. In Indonesia, our approach involves continuous revision of cybersecurity policies to ensure they are relevant and effective.” This adaptive strategy is essential for maintaining a resilient financial system capable of withstanding sophisticated cyber-attacks.
Key Measures for Enhancing Digital Resilience
Several measures are being implemented to bolster digital resilience in the financial sector of emerging markets:
Strengthening Legal and Policy Frameworks: Governments are enacting laws and regulations that mandate cybersecurity standards for financial institutions, including requirements for data protection, incident reporting, and regular security assessments.
Capacity Building and Training: Sarah underscored the importance of cybersecurity education and training. “At AllianceDFA, we focus on equipping professionals with the knowledge needed to provide safe and responsible digital financial services. We will support our members to ensure cybersecurity knowledge, including how to identify and respond to cyber threats available in the ecosystem.”
Adopting Advanced Technologies: Financial institutions are investing in advanced cybersecurity technologies such as AI, machine learning, and blockchain to improve security, detect, and mitigate threats in real-time, thereby reducing the risk of cyber incidents.
Implementing Cyber Hygiene Practices: Regular updates, patch management, and employee awareness programs are fundamental to maintaining a secure digital environment. Ensuring that all employees are aware of the latest cybersecurity practices can reduce the risk of successful cyber-attacks.
Collaborative Efforts to Strengthen Defenses
Collaboration is a critical component of effective cybersecurity strategies. The panellists highlighted the importance of partnerships between government agencies, private sector entities, and international organisations in creating a unified front against cyber threats.
Jean-Louis discussed the role of ACRC in fostering collaboration across the continent. “The ACRC serves as a hub for sharing information, best practices, and resources. By working together, we can develop a more coordinated and effective response to cyber threats.” Ardi echoed this sentiment, emphasising the importance of regional cooperation in Southeast Asia. “Cyber threats do not respect national borders. Regional cooperation is vital for developing comprehensive strategies that can protect the financial sector across multiple countries.”
Sarah pointed to the success of global alliances in enhancing cybersecurity. “Through organisations like AllianceDFA, we bring together stakeholders from different regions to share insights and develop joint initiatives. “These collaborations are key to building a resilient global financial system.”
The evolving regulatory framework for cybersecurity in emerging markets underscores the growing recognition of the importance of digital resilience in the financial sector. By implementing robust measures, fostering collaboration, and continuously adapting to new threats, emerging economies can fortify their financial systems against cyber-attacks. As highlighted by our panellists, the journey towards enhanced cybersecurity is a collective effort requiring ongoing commitment and cooperation from all stakeholders.