Central Bank of Egypt to Learn from its Pioneering Cybersecurity Experience in the Financial and Banking Sectors

In light of Egypt’s commitment to strengthening cooperation with African states, the Central Bank of Egypt (CBE) hosted a specialized technical team in the field of cybersecurity from Bank of Tanzania (BoT). The visit aimed at offering insights into the Egyptian pioneering cybersecurity experience in the financial and banking sectors, especially Egypt’s Financial Computing Incident Response Team (EG-FinCIRT), which stands as a pioneering and distinguished model in the field of cybersecurity across Africa and the Middle East.

Central Bank of Egypt

During their 3-day visit, the Tanzanian team responsible for Financial Sector Computer Emergency Response Center (TZ-FinCERT) received a comprehensive overview of EG-FinCIRT’s activities and services, along with the incident response mechanisms implemented for managing cyber threats. The visit aimed to benefit from the Egyptian experience to build and enhance technical capacities of the TZ-FinCERT, in addition to empowering collaboration between both parties in the field of cybersecurity.

Dr. Sherif Hazem, the CBE’s Sub-Governor for Cybersecurity Sector, emphasized, “The visits of specialized cybersecurity delegations from foreign central banks, particularly from African countries, reflect the prominent position the CBE has attained in this field. This standing is manifested in the establishment and operation of the region’s first sectorial CERT, in alignment to the evolving global threats facing digital infrastructure”.

Dr. Ibrahim Mostafa, Assistant Sub-Governor of the CBE and Director of EG-FinCIRT, highlighted, “The exchange of expertise and the fostering of cooperation among response teams from various central banks have become a critical priority in light of the significant advancements in Cyber-attacks, and the expansion in the use of digital financial technology. We are keen to enhance coordination and cooperation with Incident Response Teams around the world, especially African, Arab and Islamic countries”.

Notably, the Tanzanian delegation’s visit is part of an ongoing series of visits from African countries to strengthen cooperation and exchange expertise with the CBE in the field of cybersecurity. During the visit, Tanzanian delegation was briefed on Egypt’s steadfast efforts to enhance cybersecurity at CBE and across the banking sector. This includes the issuance and circulation of Egypt’s first edition “Financial Cybersecurity Framework,” as well as assessing the readiness of banks and financial institutions operating within the sector to manage cybersecurity. Additionally, they gained insights into the inspection, auditing, and approval processes of all digital solutions and FinTech applications before issuing the required licenses and accreditations to operate in the Egyptian market.