2imcs2024-56-62 – Information Management & Computer Science

REVIEWING CYBERSECURITY PROTOCOLS IN AFRICAN FINANCIAL SECTORS AGAINST GLOBAL STANDARDS

ABSTRACT

In an era marked by escalating cyber threats, securing financial systems is paramount to safeguarding economic stability and consumer trust. This study conducts a comprehensive review of cybersecurity protocols implemented in African financial sectors, scrutinizing their alignment with established global standards. Employing a multidimensional analytical approach, the research aims to discern the strengths, weaknesses, and potential areas of improvement in current cybersecurity practices. The assessment encompasses a diverse array of protocols, including encryption mechanisms, intrusion detection systems, incident response strategies, and information sharing frameworks. By benchmarking these protocols against internationally recognized standards such as ISO/IEC 27001 and NIST Cybersecurity Framework, the study seeks to ascertain the level of compliance and identify gaps that may expose financial institutions to cyber vulnerabilities. Preliminary findings reveal a landscape characterized by a varying degree of adherence to global cybersecurity standards across African financial sectors. While some institutions demonstrate commendable alignment, others exhibit deficiencies that necessitate urgent attention. The study sheds light on the unique challenges faced by African financial institutions, considering factors such as resource constraints, evolving threat landscapes, and regulatory dynamics. The implications of this research extend beyond the immediate scope of the African financial sector, contributing valuable insights to the broader discourse on global cybersecurity governance. Recommendations derived from the analysis aim to empower policymakers, regulatory bodies, and financial institutions with actionable strategies to fortify cybersecurity resilience. Ultimately, this study strives to foster a more secure and interconnected global financial ecosystem in the face of ever-evolving cyber threats.