The imperative of information and cyber security in the Digital Age

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By Sanjay Rughani

In an era where digital technology has become the backbone of modern business operations, the importance of information and cyber security (ICS) cannot be overstated.

As Uganda’s financial sector embraces digital transformation, the risks associated with cyber threats continue to escalate.

At the recent Information & Cyber Security (ICS) workshop, facilitated by Standard Chartered Bank, industry experts, regulators, clients, and stakeholders gathered to discuss the evolving cyber threat landscape and the urgent need for proactive strategies to safeguard sensitive information in an increasingly interconnected world.

Globally, the cost of cybercrime is projected to exceed $10.5 trillion annually by 2025.

The financial sector remains one of the most targeted industries, with an increasing number of attacks on financial institutions worldwide.

Uganda, like many other countries, is not immune to these growing threats, and as the digital landscape in Uganda expands, it is imperative for both regulatory bodies and financial institutions to collaborate, invest in cyber resilience, and implement robust cybersecurity strategies to protect both the financial system and the broader economy.

For instance, in many countries, the economic impact of cyber risk and the importance of cybersecurity are growing.

Governments and institutions are strategically planning and implementing frameworks and technologies to combat cyber threats.

In Uganda, the Bank of Uganda (BoU) and the Uganda Bankers Association (UBA) have taken the lead in reinforcing cyber resilience across the financial sector. The enactment of cyber laws, such as the Computer Misuse Act, the Electronic Signatures Act, and the Electronic Transactions Act, alongside the Data Protection and Privacy Act, has laid the legal foundation to mitigate cyber risks and protect personal information.

As Standard Chartered Bank, we are setting a benchmark by proactively hosting forums, sharing best practices, and allocating resources to address ICS risks. The forums we have hosted provide invaluable insights into the pressing reality of our times: cyber risks have never been greater, and the consequences of failure are more impactful than ever.

The digital revolution has created unprecedented opportunities for businesses across various sectors.

Companies are leveraging digital solutions to enhance customer service and streamline operations, driving efficiency and financial inclusion. However, this rapid digital adoption has also introduced new vulnerabilities. Over the past decade, Uganda has seen a significant increase in internet and mobile technology adoption, not just for communication and research but also for data processing, analytics, transactions, and storage.

As more institutions develop advanced systems and applications, cyber threats continue to rise at an alarming rate. The same electronic connections that enable seamless interactions also create potential gateways for cybercriminals.

As technology evolves, so do the sophistication and complexity of cyber threats. Cyber-attacks have become a leading concern, particularly in emerging economies. The stark reality is that cybercrime is no longer a question of “if” but “when.”

Financial institutions, businesses, and individuals are all vulnerable.

The financial implications are staggering, according to IBM’s 2024 cost of a data breach report, the global average cost of a data breach now exceeds $4.88m. Moreover, Mimecast’s 9^th annual state of Human Risk Report 2025 revealed that human errors account for nearly 68% of data breaches.

To address these challenges, the Bank of Uganda (BoU) has taken proactive steps to enforce cybersecurity compliance, risk management frameworks, and governance principles. By ensuring that financial institutions adhere to strict cyber resilience standards, BoU is safeguarding Uganda’s financial stability.

Similarly, the Uganda Bankers Association (UBA) is playing a key role in fostering industry-wide collaboration, knowledge sharing, and awareness initiatives to mitigate cyber threats.

The emphasis on sharing intelligence and best practices is critical, as it helps institutions stay ahead of emerging threats and regulatory requirements.

At the ICS forums, discussions focused on the global regulatory landscape, the Bank’s ICS risk management principles, and the latest cybersecurity trends. A key takeaway was the importance of continuous education and awareness, cyber threats are constantly evolving, and staying informed about the latest risks and countermeasures is essential.

Furthermore, cybersecurity is not just about technology—it is a strategic priority that requires collaboration between governments, banks, businesses, and consumers.

Financial institutions must invest in advanced cybersecurity technologies such as Artificial Intelligence (AI), machine learning, and real-time threat detection to identify and prevent attacks before they escalate.

Additionally, a focus on cybersecurity education—from internal staff training to customer awareness campaigns—can significantly reduce exposure to cyber risks.

As the world grapples with the increasing frequency and severity of cyber-attacks, institutions must prioritize Information and Cyber Security. Uganda’s growing capabilities in cybersecurity governance and regulation are commendable, but there is still work to be done. The collective responsibility of government bodies, financial institutions, and businesses is to foster a culture of security awareness, invest in robust ICS measures, and promote collaboration to protect digital assets and ensure a secure future.

As we navigate the complexities of the digital age, let us remain steadfast in our commitment to cybersecurity. The stakes are high, but with proactive strategies and collective action, we can mitigate risks, strengthen financial stability, and unlock the full potential of digital innovation in Uganda and beyond

The writer is the Chief Executive Officer, Standard Chartered Bank Uganda