The Ghana Cyber Security Authority (CSA) and Mastercard recently held the country’s first-ever Fraud and Cyber Security Forum.
The event convened major industry players, including financial institutions, regulators, and fintech, to deliberate on critical issues in Ghana’s cybersecurity landscape and analyze the latest fraud trends.
Cyber risk is a major concern for businesses because of the prevalence of digital services, novel financial flows, and interconnected supply chains. In order to safeguard themselves and their clients, businesses must have a thorough understanding of and approach to this risk. Identity theft, ransomware, and phishing assaults are all on the rise as a result, making cybercrime a more pressing concern.
Mastercard understands the importance of preventing fraud and maintaining data security in every country it operates business in, including Ghana, due to the gravity of the dangers they pose.
According to Bossman Kwapong, Mastercard’s Country Director for Ghana, “We must help businesses prepare for cyber-attacks and decrease financial risk by identifying data breaches, assessing cyber threats, and acting on insights.” Cybercriminals’ goals to exploit vulnerabilities in the digital economy are also expanding. A major step we’ve taken towards guaranteeing the security of our business partners and consumers is forming a collaboration with the Ghana Cyber Security Authority.
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Significant process outcome of the Cyber Security Conference
Discussion at the forum focused on the latest methods employed by cybercriminals, the kinds of assets they prey upon, and their driving motivations. The seminar covered the regional cyber threat environment, current fraud incidents, and best practices for addressing fraud vulnerabilities that may affect corporate profitability, emphasising the financial services sector.
In addition, Mastercard showcased its state-of-the-art fraud detection solution, such as the Decision Intelligence solution, which makes use of cutting-edge technology and tools to identify and prevent fraudulent activity in real-time, therefore assisting in the protection of customers’ accounts and transactions.
Mastercard said it held the conference to “prepare Ghanaian issuer banks for the rising rate of cyber security threats within the banking ecosystem.” Dr Albert Antwi-Boasiako, the Interim Director-General of the Cyber Security Authority (CSA), said, This is a proactive engagement, and it must be supported by all”.
“Only by enforcing relevant policies and regulatory measures can we, as a regulatory authority, take the initiative and steer the national response. Several regulatory initiatives, such as licencing cybersecurity service providers and accreditation of cybersecurity organizations and professionals, are being put into effect by the CSA at the present time”.
Mastercard is dedicated to ensuring safe and accessible digital future
Stakeholders at the meeting were unanimous in the view that bolstering security requires more cooperation and teamwork. The Global Cybersecurity Index (GCI) ranks Ghana third most secure nation on the continent of Africa, just after Mauritius and Tanzania. However, as financial services become more digital, there will be a greater need to build cyber resilience to safeguard all points along the value chain.
Our organisation is thrilled to collaborate with innovative companies like Mastercard. A remarkable effort has been made by this organisation to safeguard customers and small companies from cyber dangers. Ernest Kwamina Yedu Addison, Governor of the Central Bank of Ghana, expressed his desire for this collaboration to be the first of many.
We applaud Mastercard’s initiative in creating forums where vital topics, such as cybersecurity and fighting fraud, are discussed, with a focus on consumers. John Awuah, CEO of the Ghana Bankers Association, made the following comment: “As financial institutions, we strive to provide systems that are safe and reliable for all Ghanaians.”
Mastercard is dedicated to providing its clients in Ghana with cutting-edge, practical solutions that promote a safe and accessible digital future. Mastercard is dedicated to advancing cybersecurity and fraud prevention across Ghana and beyond through collaborations with organizations such as the Cyber Security Agency of Ghana.