Cyber Security in Financial Sector Development: Challenges and Potential Solutions for Financial Inclusion

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This paper assesses the relevance of cyber security for the development of inclusive financial systems in developing countries. The growing use of digital financial services and shared service platforms has increased the financial sector’s exposure to cyber risks. Financial service providers and their customers, regulators and supervisors are challenged with the increase in cyber threats – especially in emerging and developing countries with lower capacities and less resources.

The paper shares trends, challenges and examples of governments, industry initiatives and public-private partnerships that are taking steps towards addressing capacity and resource gaps in the sector. Based on the analysis and lessons drawn from existing examples, the authors provide suggestions for further research and experimentation aimed at identifying effective approaches for improving the sector’s resilience to and preparedness for cyber incidents.

Document Information

Document Type Paper
Author Silvia Baur-Yazbeck, Judith Frickenstein and David Medine
Year of Publication 2019
Publisher CGAP Background Documents
Number of Pages 15 pages
Region / Country Global /
Primary Language English (en)
Keywords cyber security, Financial Sector, Financial Inclusion
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