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The Cairo ICT 2023 international technology exhibition and conference held in Egypt hosted a session on governance and risk management in banks and financial institutions
The Cairo ICT 2023 international technology exhibition and conference held in Egypt hosted a session on governance and risk management in banks and financial institutions. Moderated by Wessam Maher, Chief Information Security Officer at AUC, the session dealt with the significance of the governance, risk, and compliance (GRC) system as a practical application for ensuring cybersecurity in the banking sector. It also underscored the need for implementing this system in any institution, regardless of its size.
Abeer Khedr, Group Head of Cybersecurity at the National Bank of Egypt, said that the GRC system is the way to apply governance and risk management principles to technological systems. She stressed the need for a unified framework for GRC systems across different institutions, following general standards, especially with the evolution of technological services. Khedr also mentioned the Central Bank of Egypt’s direction to apply the highest protection and security standards for financial and digital transaction systems in Egyptian society in the previous year.
Speakers at the session highlighted the need for protection standards in the banking sector, regulated by various insurance frameworks and rules issued by the central bank. They also said that the banking system in the country should comply with international standards. These standards are applied to ensure the protection and security of customer data and infrastructure in various banks and financial institutions.
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Rania El Roby, Chief Information Security Officer at Banque Misr, highlighted the importance of identifying all elements of the digital system in banks and financial institutions, including applications, individuals, and all system components, to determine who performs various tasks. She also stressed the importance of conducting risk assessments for the digital system, the services it provides, and the applications used in this system. Then, define the steps followed for digital insurance and protection.
