Summit Consulting Ltd in partnership with HLB Jim Roberts deliver cyber training for microfinance institutions under their umbrella, AMFIU.
On 8th November 2024, the Association of Microfinance Institutions of Uganda held a webinar titled safeguarding microfinance institutions in Uganda. In her opening remarks, Mrs. Jacqueline Mbabazi, the Executive Director, AMFIU noted that microfinance institutions are not spared. The cybercriminals are targeting the financial sector for money gains. As AMFIU, we are grateful for this partnership with Summit Consulting Ltd and Jim Roberts that have offered this cybersecurity training for our members.
The training focused on the overall cybersecurity posture of microfinance institutions. Our research by the iShield 360 Team, the cyber arm of Summit Consulting Ltd revealed that the overall cybersecurity posture of the microfinances is highly vulnerable due to highly compromised credentials. We observed an average of 93 credential compromises across the financial institutions that are members of the AMFIU. Our analysis focused on the period from November 2023 to October 2024.
Figure 1: The microfinance sector is highly vulnerable to cyber attacks
As microfinance institutions rely on vendors for service delivery, Third-party risks are rampant in the sector.
Figure 2: Overreliance on external IT service providers is a threat to the microfinance sector
The training covered other critical areas of credential leakages, impact of cybercrime in Uganda as well as recommendations.
