Key points
- NCBA Bank is investing Ksh 644 million ($5 million) to strengthen cyber security and protection against growing cyber threats in Kenya.
- The number of cyber security incidents in Kenya has increased by 16.5% in recent months, with attacks targeting various industries, especially internet service providers and cloud services.
- NCBA Group, a key financial player in East Africa, is strengthening its regional presence with new acquisitions and trustee services, reporting a 4.65% increase in profit.
NCBA Bank, a subsidiary of NCBA Group, a leading financial services conglomerate controlled by some of Kenya’s wealthiest families, has announced a significant investment of Ksh 644 million ($5 million) to strengthen its cyber security infrastructure.
The move reflects the bank’s proactive stance in addressing the growing cyber threats that have emerged over the past year. The funds will strengthen the bank’s firewalls, in line with a broader trend in Kenya where increased cyber threats are increasing security measures.
Growing cyber security threats in Kenya
Recent figures from Kenya’s Communications Authority (CA) highlight a 16.5 percent surge in cyber security incidents, with reported cases reaching 1.1 billion from March to June 2024, compared to 971.4 million in the same period last year.
CA noted that operating systems, database servers, web applications, remote access systems and network devices were the most targeted. The ICT sector, especially Internet Service Providers (ISPs) and cloud services, has faced a large number of attacks with significant impacts on their database servers and operating systems.
John Gachora, CEO of NCBA Bank, emphasized the importance of investing in infrastructure to combat these growing cyber threats. “We see this as a significant issue across the banking industry, so it’s crucial for us to build strong defenses against such vulnerabilities,” said Gachora.
Strengthening the position and expanding the reach
Headquartered in Nairobi, Kenya, NCBA Group is a non-operating holding company with subsidiaries in Tanzania, Rwanda, Uganda and Côte d’Ivoire. Formed in 2019 through the merger of NIC Bank Group and Commercial Bank of Africa Group, NCBA has consolidated its position as a major player in the East African financial sector.
Part-owned by prominent Kenyan families such as the Kenyattas, Meralis and Ndegwas, NCBA Group is focused on strengthening its operations in Kenya and regional expansion. The bank recently acquired AIG Kenya Insurance Company Limited.
NCBA Group has also launched trustee servicesexpands its investment portfolio and consolidates its position as a leading provider of financial services in East Africa. For the first quarter of 2024, the bank reported a Year-on-year profit increase of 4.65 percentreaching Ksh 5.3 billion ($40.1 million), strengthening its role in the region’s financial sector.
