The CBE Archives - جريدة الاخبارية

,In line with the presidential directives to foster Egyptian – African cooperation and integration

,and under the auspices of H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE)

,the CBE hosted the inaugural meeting of the African Financial Stability Committee (AFSC)

which continued for three days, from December 9 – 11, 2024, and aimed at enhancing financial stability across the continent.

Mr. Tarek ElKholy, Deputy Governor of the CBE, launched the meetings – on behalf of the Central Bank of Egypt’s Governor – with the participation of Mr. Waesh Khodabocus, Chair of the AFSC

and representative of the Bank of Mauritius, Dr. Djoulassi Oloufade, Executive Secretary of the Association of African Central Banks (AACB),

as well as several representatives from African central banks and both the Macroprudential and African Cooperation Sectors at the CBE.

In his opening remarks, Mr. ElKholy emphasized, “The grouping of all the African countries in one committee is the seed towards endorsing a more stable and harmonized financial system, leading to a sustainable economic growth. In fact, with all the threats and challenges that the African countries have faced in recent years, it becomes crucial to enhance financial stability across the continent by coordinating the financial stability frameworks implemented in different countries. This will enable us to create Africa’s own bloc and adopt a unified voice for the Continent’s financial stability, thereby underscoring the stability of the African financial systems internationally”.

,The establishment of the AFSC marks a groundbreaking stride

.as this Committee will be the first to issue a Financial Stability Report (FSR) covering all African central banks

The report reflects the development and performance of African financial institutions through a comprehensive risk assessment framework.

,Furthermore, it will play a pivotal role in employing analytical tools, implementing macroprudential policy tools

and recommending preemptive policies against various risks. Accordingly, the Committee aims to contribute in safeguarding the stability through implementing macroprudential policies on the financial system in Africa.

Noteworthy, Mr. Abdalla proposed the establishment of the AFSC during the annual meetings of the AACB, held on September 4, 2024, in Mauritius, contributing to the maintenance of financial stability on the African level, while operationalizing a macroprudential policy.

Central Bank of Egypt Secured First Places in the Cyber Drills at the Regional Cybersecurity Competition for Arab states and Members of the Organization of Islamic Cooperation

Fierce competition between more than 600 cybersecurity experts, focusing on combating cyber-attacks, data protection, and digital services.

,In recognition to the exceptional competences of Egyptian cybersecurity experts

,at both the national level in general, and the banking sector in particular

the Central Bank of Egypt have secured first places

the Egyptian Computing Incident Response Team (EG-CIRT)

and the Computing Incident Response Team for the Financial Sector

(EG-FinCIRT) of the Central Bank of Egypt (CBE) have secured first places in the specialized drills

during the 12^th Regional Cybersecurity Competition for Arab

,and member states of the Organization of Islamic Cooperation (OIC)

.with participation from Asia-Pacific and African Countries

,The competition was organized by the Arab Regional Cybersecurity Center (ITU-ARCC), in Muscat

,”Sultanate of Oman, under the theme “The Impact of Cyber Threats on the Digital Economy

with the participation of more than 600 members of incident response teams and National

.Cybersecurity Centers from Arab and Islamic countries participating in the competition

The activities and proposed scenarios focused on building the capabilities of response teams and

.enhancing communication among them to ensure an effective response to the escalating cyber threats

The event also targeted information security centers in critical sectors to ensure the protection of data

.and digital services amid virtual attacks

,From his side, Dr. Sherif Hazem, CBE’s Sub-Governor for the Cybersecurity

stated “Cybersecurity issues have become a fundamental focus in safeguarding the national security

.across the globe, especially amid the intensified reliance on digital technologies

,This necessitates the readiness of all states’ entities

.with the banking and financial institutions at the forefront, to mitigate cyberattacks and cyberwarfare

Undoubtedly, the Egyptian teams’ remarkable achievements in the competition highlight Egypt’s

,prospered trajectory towards strengthening its leading role in the field of cybersecurity

,which bolster the confidence in the country’s digital economy

.”and empower the attraction of foreign investments

“Mostafa”: The CBE succeeded in establishing first sectoral Computing Team

,Dr. Ibrahim Mostafa, the Assistant Sub-Governor of the CBE and Director of EG-FinCIRT, stated that

The CBE succeeded in establishing Egypt’s”

,first sectoral Computing Incident Response Team (EG-FinCIRT)

,qualifying promising calibers in the Cybersecurity field

investing in their long-term growth to build capacities of the banking sector

and enable banks and financial institutions to develop and thrive in a stable

.and resilient banking ecosystem

This achievement is realized by efficiently handling the cybersecurity incidents

,and internet-related emergencies in the financial and banking sectors

,through the early detection of security incidents to confront and mitigate their effects

.”as well as preventing their recurrence

,During the competition, complex simulations of cyberattacks were conducted

.testing the participants’ ability to respond and apply professional methods to mitigate their effects

,Noteworthy, the CBE’s team attained the highest rankings in the specialized drills conducted

,”including, but not limited to, “Threat Hunting”, “Ransomware Attack Defense

,”SOC Analyst Challenge: Advanced Memory and Malware CTF”

and the joint security maneuver for data breach incidents organized

by the International Telecommunication Union (ITU) in Oman

and the Forum of Incident Response

.”and Security Teams (FIRST) “FIRST-ITU Oman Data Breach CTF

الوسم: The CBE

Central Bank of Egypt Hosts the Inaugural Meeting of the African Financial Stability Committee

Central Bank of Egypt Secured First Places in the Cyber Drills at the Regional

the Central Bank of Egypt have secured first places

“Mostafa”: The CBE succeeded in establishing first sectoral Computing Team