Cyber Security Sector has reviewed 1,308 financial applications since 2021

Sherif Hazem: InstaPay didn't face any electronic attack since its launch, and customers' money is completely safe.

Sherif Hazem, Deputy Governor of the Central Bank for Cyber security, said that the cyber security sector has established a complete department for electronic applications under the guidance of President Abdel Fattah El-Sisi and Hassan Abdullah, Governor of CBE, in order to review any new financial application and test it before launching in the Egyptian market to ensure the preservation of Individuals' money and savings.

This came during his speech at Egypt Cyber security and data Intelligence Systems conference & EXPO, in its first edition, over 3 days from May 16 to 18, 2023, under the supervision of the Presidency of Union Council of Ministers and Ministry of Communications and Information Technology.

Hazem explained that the number of applications that were reviewed through the cyber security sector of CBE amounted to about 533 applications since the beginning of 2023 that were launched in the Egyptian market, compared to 618 applications that were reviewed during 2022, and 157 applications that were reviewed during 2021.

Regarding InstaPay, he explained that the Central Bank welcomes all cyber security standards in InstaPay to ensure the preservation of customer funds, adding that the application has not faced any electronic attack since its launch, reassuring banking sector customers that their money is completely.

It is noteworthy that CBE launched  InstaPay in March 2022. Since its launch, it has succeeded in winning the trust of customers, as 20.3 million transactions were conducted through InstaPay instant payment network for more than 2.16 million customers during the first year of its launch, bringing the value of payments to about EGP112.7 bn.