Bank of Zambia Governor, Dr. Denny Kalyalya, has called on banks in the country to adopt more aggressive measures to address cyber security threats and fraud.
Speaking at the ninth annual banking industry survey report findings presentation in Lusaka, Dr. Kalyalya emphasized the need for enhanced collaboration among banking institutions to combat rising cyber threats. The event was organized by PricewaterhouseCoopers (PwC) Zambia.
“Cyber security is a serious threat within and across the region. It is a scourge that affects everybody and therefore requires concerted efforts to curb,” Dr. Kalyalya stated.
The annual survey, conducted by PwC, provides insights into the challenges and opportunities faced by the Zambian banking sector. Industry leaders shared findings intended to guide banks in improving operations and mitigating risks, including those posed by cybercrime.
Dr. Kalyalya’s remarks highlight the growing digital threats in the banking sector, stressing the importance of robust systems and collective action. He urged institutions to adopt proactive measures, share intelligence, and strengthen safeguards to protect both financial institutions and their clients.
The Governor’s call reflects a broader regional concern, as cyber threats continue to evolve in complexity and scale, making resilience and cooperation key priorities for Zambia’s banking industry.