from ARNOLD MULENGA in Lusaka, Zambia
Zambia Bureau
LUSAKA, (CAJ News) – AMALGAMATED Banks of South Africa Limited (ABSA) Bank Zambia is complementing the country’s efforts to fight cybercrime amid indications the local banking sector is losing over US$2 billion to the scourge annually .
The financial institution has launched a cyber security hackathon, dubbed Cyberthon, to contribute and serve as a platform for developing innovative solutions to tackle cyber security challenges and threats such as phishing among other fraudulent activities.
Felix Mutati, Science and Technology Minister, presided over the launch of the initiative.
He emphasized the need to collaborate and prioritise cyber security measures on fraud detection and awareness training.
Mutati encouraged the financial entity and stakeholders to address the existing deficit of digital skills, literacy and awareness initiatives.
“That is what we need to address (cyber crimes),” Mutati said.
The minister urged the bank and partners to build capacity in artificial intelligence (AI) technical knowledge that would help anticipate and take action on cyber threats, amid emerging technologies.
Mizinga Melu, Absa Managing Director, said the hackathon would assist in raising awareness on cyber fraud and define solutions in view of potential risks.
She said there was a need to share information across the industry.
Melu advised clients to engage the bank before engaging in transactions that appeared suspicious.
Recently, Zambia announced a partnership with Google for the latter to build a centre of excellence in AI to be launched this year, to respond to cyber threats and achieve digital economic transformation.
– CAJ News