EthSwitch to implement shared security operation center for financial sector

EthSwitch Share Company, Ethiopia’s National Switch, has commenced a project to implement a shared Security Operation Center (SOC) for the financial and payment industry.

Project’s commencement was disclosed on Thursday during a program held at Inter-Luxury Hotel, organized by EthSwitch for the financial industry executives and other stakeholders.

The project will be co-implemented By EthSwitch and the Information Network Security Administration (INSA).

EthSwitch has embarked on the establishment of the SOC as part of its responsibility in providing shared infrastructure and platforms to the financial and payment ecosystem participants.

“At an institutional level although it’s important that each bank, microfinance or other payments service provider equips itself with proper technology to ensure security of its systems and customers’ data, it’s apparent that it’s beyond the capacity of most,” said Solomon Desta, Vice Governor of the National Bank of Ethiopia and Chairman of the Board of Directors of EthSwitch.

INSA’s Deputy Director-General Tigist Hamid said on her part that the SOC will help to protect financial institutions operation centers, which are disabused before to provide services under one umbrella.

“The SOC is expected to contribute towards the safety of financial systems and transactions from potential threat that will emanate from the growing digitalization of financial services and proliferation of electronic payments,” said Yilebes Addis, CEO, EthSwitch Share Company.

He told journalists that, “The SOC we are establishing will offer services to all financial institutions in Ethiopia and foster industry-wide collaboration with regards to security allowing institutions to monitor, analyse security threats, access vulnerability reports, alerts and manage security compliance.”

INSA reported cyber-attacks are continually increasing in Ethiopia; it revealed that it has thwarted more than 1,600 cyber-attacks on different institutions in the first half quarter of 2015 Ethiopian fiscal year. On the other hand over 3,000 cyber-attacks were reported during the first half of 2021/22.

Most of the cyber-attacks were mainly encountered against the financial institutions.