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Daily News Egypt
03-08-2025
- Business
- Daily News Egypt
CBE hosts Kenyan delegation to share cybersecurity expertise
The Central Bank of Egypt (CBE) welcomed on Sunday a high-level delegation from the Central Bank of Kenya (CBK) for an official three-day visit focused on cybersecurity. The visit centred on the work of the CBE's Cybersecurity Sector and the Egypt Financial Computing Incident Response Team (EG-FinCIRT), which is regarded as a leading regional model in cybersecurity across Africa and the Middle East. The Kenyan delegation included five specialists from the technical team of the CBK's Banking Sector Security Operations Centre (BS-SOC). The visit aimed to facilitate knowledge sharing and deepen practical understanding of Egypt's experience in establishing and operating EG-FinCIRT. Sherif Hazem, CBE Sub-Governor for Cybersecurity, commented: 'The regular visits by African central banks to benefit from Egypt's expertise highlight the CBE's leadership in this vital field. As global cyber threats escalate, such collaborations are key to enhancing national capabilities and supporting the adoption of emerging technologies.' Similarly, Ibrahim Mostafa, Assistant Sub-Governor and Director of EG-FinCIRT, noted: 'EG-FinCIRT is a pioneering regional model advancing cybersecurity strategies and coordination with incident response teams at both regional and international levels. This helps strengthen resilience against cyberattacks, which increasingly target the economies of many countries.' The visit featured discussions on strategies for detecting and responding to security threats, alongside modern approaches for identifying and addressing vulnerabilities and breaches, especially within the FinTech sector. It also covered best practices for ensuring compliance with global cybersecurity standards and frameworks, as well as procedures for licensing and accrediting FinTech applications and technical solutions. These measures aim to support secure digital transformation and reinforce the stability of financial markets locally and regionally. The Kenyan delegation expressed its keen interest in drawing on the CBE's expertise to shape and implement its own integrated cybersecurity strategy. This aligns with the CBK's current efforts to establish a comprehensive cybersecurity framework for Kenya's financial sector, modelled on Egypt's experience. Key elements of this strategy include setting up and running a specialised incident response team dedicated to the banking and financial sector, developing a regulatory cybersecurity framework that is regularly updated, and strengthening processes to review security measures in applications and digital systems before granting approval for their use.
See - Sada Elbalad
17-03-2025
- Business
- See - Sada Elbalad
CBE Offers Insights into Egypt's Pioneering Cybersecurity Experience to Tanzanian Team
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. 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. 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'. 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.
Daily News Egypt
16-03-2025
- Business
- Daily News Egypt
Bank of Tanzania delegation visits CBE to gain insights into Egypt's pioneering cybersecurity model
As part of Egypt's commitment to strengthening cooperation with African nations, the Central Bank of Egypt (CBE) hosted a technical delegation from the Bank of Tanzania (BoT) specializing in cybersecurity. The visit focused on Egypt's pioneering cybersecurity experience in the financial and banking sectors, particularly through its Financial Computing Incident Response Team (EG-FinCIRT)—recognized as a leading model in Africa and the Middle East. During the three-day visit, the Tanzanian delegation, responsible for operating the Financial Sector Computer Emergency Response Center (TZ-FinCERT), received an in-depth overview of EG-FinCIRT's activities, services, and cyber incident response mechanisms. The goal was to leverage Egypt's expertise in building and enhancing technical capabilities within TZ-FinCERT while fostering stronger cybersecurity collaboration between the two institutions. Sherif Hazem, CBE's Sub-Governor for the Cybersecurity Sector, highlighted the significance of the visit, stating: 'The engagement of specialized cybersecurity delegations from foreign central banks, particularly within Africa, reflects the prominent role the CBE has achieved in this field. This is exemplified by our establishment of the region's first sector-specific CERT, aligned with global efforts to combat emerging digital threats.' Ibrahim Mostafa, Assistant Sub-Governor of the CBE and Director of EG-FinCIRT, emphasized the importance of international collaboration in cybersecurity, noting: 'The exchange of expertise among response teams from various central banks has become a critical priority amid the rapid evolution of cyber threats and the increasing reliance on digital financial technologies. We are committed to enhancing coordination and cooperation, particularly with response teams from African, Arab, and Islamic nations.' The Tanzanian delegation's visit is part of a broader initiative to strengthen cybersecurity cooperation across African countries. During their time at CBE, the delegation was briefed on Egypt's proactive cybersecurity efforts, including the introduction of the Financial Cybersecurity Framework, which provides structured guidelines for securing financial institutions. Additionally, they explored CBE's methodologies for assessing cybersecurity readiness across banks and financial entities, as well as the inspection, auditing, and approval processes for digital banking solutions and FinTech applications before receiving operational licenses in Egypt. This visit underscores Egypt's leadership in financial cybersecurity and its ongoing efforts to support regional cybersecurity resilience, ensuring a safer and more robust digital financial ecosystem across Africa.
