CBK unveils cybersecurity operations center to shield banking sector from rising threats

The Central Bank of Kenya (CBK) has launched the Banking Sector Cybersecurity Operations Centre (BS-SOC), a specialized hub aimed at safeguarding the financial system against escalating cyber threats.

According to CBK, the new center will operate under its Cyber Fusion Unit, tasked with enhancing security through threat monitoring, incident response, digital forensics, and cyber investigations.

In a statement released Monday, CBK said the BS-SOC will strengthen resilience within the banking sector as fraudsters and cybercriminals increasingly target both institutions and individual account holders with sophisticated schemes like hacking and ransomware.

The regulator added that it has begun harmonizing existing guidelines for banks and payment service providers with the new 2024 cybersecurity regulations. Until then, financial institutions will be required to comply with both the 2017 Commercial Banks Cybersecurity Guidelines and the 2019 Payment Service Providers Cybersecurity Guidelines.

“All regulated institutions must continue to comply with the requirements and report cybersecurity incidents to the BS-SOC within stipulated timelines,” the statement read.

CBK emphasized that collaboration with all stakeholders will be critical to ensuring the center’s success and to reinforcing the banking sector’s defences against persistent cyber threats.

The launch comes as financial institutions grapple with increasing cases of fraud and system breaches, which have placed customer funds and banking operations at risk.

Last month, CBK also cautioned institutions against rushing into artificial intelligence adoption without addressing ethical and legal risks that could undermine consumer trust and financial stability.