Egypt launches cybersecurity centre for banking systems

People walk past the Egyptian Central Bank in downtown Cairo on 3 November 2016 [KHALED DESOUKI/AFP via Getty Images]

The Central Bank of Egypt (CBE) yesterday said it had established a new cybersecurity centre to protect banking institutions from security threats.

The CBE’s deputy governor for cybersecurity, Sherif Hazem, told reporters that “protecting the banking sector’s data was inevitable.” His remarks came on the sidelines of the FinTech Conference.

“The centre installs a sensor inside banks to detect malicious attacks and alert banking institutions before they occur,” Hazem explained, stressing that cybersecurity was becoming “one of the determinants of national security.”

The official pointed out that 70 per cent of national banking transactions were being carried out “digitally.”

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