CBE Sub-Governor Cyber Security presenting efforts to enhance Cyber security in the financial and banking sector

Sherif Hazem, Sub-Governor Cyber Security · Central Bank of Egypt, reviewed the efforts of CBE in supporting and enhancing cyber security, by launching the information security training initiative with EBI.

This came during his speech at the Egypt Cyber security and data Intelligence Systems conference & EXPO in its first edition, over a period of three days from May 16 to 18, 2023, under the supervision of the Presidency of Union Council of Ministers and the Ministry of Communications and Information Technology.

Establishing 399 cyber security units,the Undersecretary of the Governor of the Central Bank for Cybersecurity stated that an EG- Financial Cybersecurity Framework was established for the first time in Egypt, and 399 cybersecurity monitoring units were established.

Hazem added that CBE issued a decision to train 2 from each sector in the bank, in order to receive training to specialize in the field required to work to fullest extent before starting it, and to be able to keep pace with the prevailing technological development now.

He pointed out that the cyber security sector of CBE installed new devices in cooperation with a Russian international company, which suggested the possibility of installing a sensor at the entrances of all banking institutions, as it works to store all information inside the bank.

He also stressed that the bank continues to support and enhance the efforts of the cyber security sector, as it started providing digital forensic services, in addition to equipping an integrated laboratory in the field of malware reverse engineering.

He pointed to the preparation of a whole team under the name Penetration Testing, in order to be able to discover the gaps in institutions, in addition to the possibility of assessing vulnerability assessment in banking institutions and the link between Egyptian banks and CBE, which led to the establishment of a center specialized in threat intelligence for the first time. In Egypt, the Threat Intelligence Hub.

Hazem added that CBE's cyber security sector has prepared an Egyptian program called CDE indicator scannerto track and respond to all possible attacks on banking institutions.

Moreover, The Central Bank's cyber security sector joins FIRST as the first sectoral center in Egypt, He emphasized that these efforts resulted in CBE's cyber security sector joining FIRST as the first sectoral center in Egypt to join that institution.

He pointed out that all experts in banks have been trained to develop a self-assessment for their banking institutions, through some specially designed programs.