By: Getahun Tsegaye
Staff Reporter
Addis Ababa, Ethiopia – The Commercial Bank of Ethiopia (CBE), the nation’s largest financial institution, has announced the strengthening of its cybersecurity defenses with a reinforced, 24/7 system in response to an increasing number of cyber threats targeting its operations.
Speaking to the Ethiopian Press Agency on Monday, CBE President Abe Sano assured customers and stakeholders that the bank has implemented a “robust 24-hour cybersecurity protocol backed by advanced technology and a highly skilled technical team.”
“Every day, multiple cyberattack attempts are made on our system,” Abe revealed. “But none of them have breached our network. Our system is designed in such a way that no external entity can penetrate it without being detected and blocked.”
He emphasized that the bank’s cybersecurity framework undergoes continuous upgrades, integrating artificial intelligence technologies to anticipate and neutralize emerging threats. “So far, no entity has managed to break into our system,” he stated, highlighting CBE’s decade-long investment in cybersecurity.
The bank also underscored the significance of collaborative cybersecurity efforts across the financial sector. Abe explained that for the past five to six years, CBE has been actively collaborating with the National Bank of Ethiopia (NBE), Ethio Telecom, and the Information Network Security Administration (INSA) under a joint task force aimed at safeguarding the digital infrastructure of Ethiopian banks.
Background of Rising Cyber Threats
This announcement comes against a backdrop of increasing cyberattacks targeting Ethiopia’s banking sector. A notable incident in 2022 saw over 1,700 bank accounts across various financial institutions compromised due to an ATM system vulnerability, resulting in unauthorized withdrawals exceeding 40 million birr. This incident prompted the NBE to urge all financial institutions to upgrade their digital security systems and implement real-time monitoring.
Experts suggest that the rapid digitization of Ethiopia’s financial services makes the sector a more appealing target for cybercriminals, necessitating increased cybersecurity efforts from institutions like CBE.
While CBE acknowledged a recent incident involving large-scale withdrawals by university students in March of last year, President Abe Sano clarified at the time that it was due to an internal “system glitch” rather than a cyberattack, stating that “There have been attempted cyber attacks but the bank’s cyber security was not compromised.” He explained that the issue was linked to a “missing code” during system improvements, leading to a temporary suspension of services to prevent further losses. Local media reports, however, indicated a smaller number of affected transactions and an unconfirmed estimate of 6 billion birr in potential losses, which the president described as “small but the process was painful.”
Separately, Xinhua news agency reported that Ethiopia’s INSA had foiled over 4,550 cyberattacks in the first six months of the 2023/2024 fiscal year, representing over 98 percent of the attempted attacks. INSA’s Director-General, Solomon Soka, noted a 115 percent increase in cyberattacks compared to the same period in the previous fiscal year, estimating potential losses of over 10.5 billion birr had these attacks been successful. He attributed this rise to global digitization trends, increased financial incentives for attackers, and Ethiopia’s rapid digital infrastructure development.
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