Financial Sector Sees Safeguarding Centre Emerge

Nov 5 , 2022

EthSwitch, the national switch operator, has embarked on a project establishing a shared security operation centre (SOC) to safeguard the financial and digital payment industry. The system will protect the industry from fraud and cyberattacks. Established in 2011 with a paid-up capital of 80.5 million Br, commercial banks, payment operators, and microfinance institutions own EthSwitch. The company provides channel interoperability, exchange and use of information between companies for financial services. It has enabled interoperability on ATM, POS, and mobile internet channels since 2016. The Information Network Security Agency (INSA) reported countering over 1,600 cyberattacks attempted on different institutions in the first quarter of the budget year. The global annual cost of cybercrime is estimated to be six trillion dollars, expected to reach 10.5 trillion in three years. EthSwitch's initiative was conceived a year ago, searching for finances to build the centre inside the company's headquarters in the Kazanchis area of the capital. It has hired a consultant to advise its executives on the procurement of solutions and guideline preparation.


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