Banks told to report fraud within 2 hours
SEE ALSO :Rid Kenya of unlicensed forex dealersThe guidelines on cyber-security for payment service providers that became effective this month require firms with systems that clear huge amounts such as bank-to-bank transfers to immediately file reports. Firms with systems that move huge volumes of cash such as mobile money will also be required to file a preliminary report. CBK noted that banking systems that it referred to as Systemically Important Payment System (SIPS) were sensitive and their failure ‘could potentially endanger the operation of the entire economy.’ The failure of mobile money platforms or System-Wide Important Payment Systems ‘could also create disruptions due to a large number of users relying on the system, thus affecting public confidence’. “PSPs should notify CBK within 24 hours, and SWIPS and SIPS within two hours, of any cyber-security incident(s) that could have a significant and adverse impact on the PSP’s ability to provide adequate services to its customers, its reputation or financial condition... this should be followed by a comprehensive report on the incident,” reads CBK guidelines, which PSPs have 90 days to implement.
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