Africa’s Banking, Financial Services, and Insurance (BFSI) sector is under siege from escalating cyber threats, with banks, financial institutions, and insurers in South Africa and beyond facing unprecedented risks. Interpol’s 2024 African Cyberthreat Assessment reveals a 23% increase in weekly cyberattacks on African businesses in 2023, with ransomware and data breaches topping the list. In South Africa, the IBM 2024 Cost of Data Breach report pegs the average cost of a breach at R53.1 million, up from R49.45 million the previous year. High-profile incidents—like the 2020 Experian breach exposing 24 million records and the 2023 Medusa ransomware attack on Bank of Africa’s Malian subsidiary, compromising 2TB of data—highlight the growing danger.
These threats are amplified by the rapid adoption of emerging technologies such as AI, blockchain, and cloud computing, which, while transformative, introduce vulnerabilities like phishing, insider threats, and regulatory non-compliance.
How BFSI CISOs Can Mitigate Cyber Risks
For Chief Information Security Officers (CISOs), mitigation requires a multi-pronged approach: deploying AI-powered threat detection, adopting zero trust security models, and ensuring compliance with frameworks like South Africa’s POPIA and the GDPR. Proactive measures—continuous threat monitoring, endpoint protection, and robust incident response plans—are equally vital to safeguard sensitive financial data and maintain customer trust. Regular staff training and penetration testing further strengthen defenses against evolving threats.
Against this backdrop, the BFSI Security Summit, scheduled for May 7, 2025, at Radisson Blu Gautrain in Johannesburg, emerges as a critical platform. Themed “Fortifying BFSI: Cybersecurity Across Africa’s Financial Future,” this one-day event is perfectly timed to address the continent’s unique security challenges. “Africa’s BFSI sector faces a dual challenge: embracing digital innovation while countering sophisticated cyber threats,” says Abe Wakama, CEO of IT News Africa. “This summit equips leaders with strategies and connections to secure the continent’s financial future.”
Who Should Attend and Why?
The summit targets a diverse audience: CISOs, CIOs, and security architects seeking cutting-edge defenses; risk and compliance officers navigating Africa’s regulatory maze; and tech enthusiasts tracking BFSI trends. Attendees will hear from experts like Galeboe Mogotsi (CISO, Wits ICT), Adebayo Adekunle John (Group Head, IT & CISO, Sovereign Finance Limited), and Sithembile Songo (Group Head, Information Security, ESKOM). Topics include “Ransomware and Data Breaches: Africa’s BFSI Risks,” “AI-Powered Cybersecurity for Africa’s BFSI,” and “Securing Emerging Tech: Cloud and Blockchain in Africa.” Participants will gain actionable insights, explore a tech exhibition, and network with peers continent-wide—essential for staying ahead in this high-stakes field.
Register Today to secure your spot.
Sponsorship and Exhibition Opportunities
Cybersecurity providers, tech firms, fintech innovators, and global security brands can leverage this event to showcase solutions, boost visibility, and connect with decision-makers. Benefits include presenting Africa-specific tools—like zero trust or endpoint protection—to engaged BFSI leaders, driving leads, and shaping industry strategies. Interested sponsors can download the prospectus or contact events@itnewsafrica.com for packages, including booths and speaking slots.
With Africa’s financial ecosystem at a crossroads, the BFSI Security Summit offers a vital opportunity to fortify defenses and foster collaboration. Don’t miss this chance to shape a secure, resilient future—register or sponsor now!
//Staff writer
