Ethio Telecom says working to safeguard digital banking system from cyber-attack

Addis Ababa, October 29, 2023 (FBC) – Ethio Telecom stated that it is working with Information Network Security Agency(INSA) to protect the digital banking spaces from cyber-attack amid the rapid rise in transaction and subscription.

The state-owned telecom service provider has been transacting over 1.3 trillion Birr over the last two years on fuel related payments while witnessing a 38 million rapid rise in the subscription of Telebirr, a mobile money which facilitates the delivery of cashless transactions.

Approached by EPA, Ethio telecom Chief Information Security Officer, Tsegaye Emmanuel disclosed that the number of people who are using digital technology service is rising rapidly, which came up with an adverse effect of an increase in cyber-attack and money fraud.

Accordingly, the Officer expressed that Ethio Telecom is applying latest digital technology to protect customer’s money and privacy, regulate digital banking and minimize money fraud at banks and financial institutions nationally.

“Companies like Ethio Telecom and other financial institutions are expected to first ensure their security and fill the gap seen in the financial sector,” he said. According to Tsegaye, the Ethio telecom is working with banks to fix vulnerability emanating from unknown place by implementing the recommendation from INSA.

“Vulnerability of cyber-attack and money fraud is highly increasing in many ways like using internet access, and this in turn discourages customers’ confidence. Hence, we had better create collaborative environment to minimize and control mobile money fraud, account takeovers thereby improving customer trust, and establish effective control mechanisms in digital bank industry,” he stressed.

As to the Officer, Ethiopia is ensuring digital transformation and facing cyber-attack on customers of financial sector at the same time.

Therefore, he pointed out that the issue of combating such dangers should not be left only to Ethio Telecom as the fight against all these challenges highly require the integrated effort of all.