Risk Alert: Development Community Support Needed for Cybersecurity

Addressing vulnerability and promoting security
Posted Feb 10, 2020 | Consultative Group to Assist the Poor, Judith Frickenstein, Silvia Baur-Yazbeck

Digital financial transactions are often carried out using insecure devices and over transmission lines not designed to protect the security of financial transactions. In this article for the Consultative Group to Assist the Poor, Judith Frickenstein and Silvia Baur-Yazbeck set out three major challenges: A resource and capacity gap among regulators, supervisors and providers to monitor, protect and defend their information systems; little cooperation among stakeholders due to competition; and little clarity on the responsibilities of the public and private sectors, financial service providers and mobile network operators regarding cybersecurity processes, liabilities and education of consumers about cybersecurity. They call for the adoption of international guidelines and regulatory reforms to keep pace with rapidly evolving cyber-risks.



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