As Rwanda’s financial institutions rapidly embrace digital transformation, the key challenge lies in translating robust cybersecurity policies into consistent daily practice. Drawing from years in technology, audit, and risk management, I have seen firsthand that cybersecurity is now the core of trust in finance. In today’s digital landscape, protecting computer systems, networks, and sensitive data is essential, not just for compliance but for business continuity and client confidence. For financial institutions, cybersecurity is a strategic imperative that must be woven into daily operations. ALSO READ: Govt sets up cybersecurity academy to tackle tech threats Globally, financial institutions face constant cyber threats because they hold large repositories of valuable data. According to IBM’s Cost of a Data Breach Report 2024, the global average breach now costs USD 4.82 million, while the average in financial services reaches USD 6.13 million. These figures are not abstract; they represent shattered reputations and the hard reality of restoring customer trust after an incident. The FBI’s Internet Crime Complaint Center reported more than USD 16 billion in global cybercrime losses for 2024 alone, with experts agreeing that actual losses are even higher due to underreporting. ALSO READ: Rwanda has shined in new cybersecurity index...but what informs ITU rankings? In Africa, rapid digitalization brings both opportunity and increased risk. INTERPOL’s Africa Cyberthreat Assessment Report 2024 estimates that African banks lose about USD 4 billion annually to cybercrime, and East African financial institutions face over USD 500 million in losses each year. These threats can destabilize economies and erode public confidence in the financial system. ALSO READ: What are the top cyber security threats in Rwanda? Rwanda is proactively addressing this challenge through forward-thinking legislation such as Law No. 058/2021 on Personal Data and Privacy Protection, along with Regulation No. 50/2022 concerning Cyber Security in Regulated Institutions. The latter requires banks and other financial institutions to strengthen controls, conduct regular risk assessments, train staff, and ensure rapid reporting of cyber incidents. Board-level oversight has become a regulatory requirement, moving cybersecurity out of the server room and into strategic decision-making. Despite robust policies, implementation gaps persist. Real-world cases illustrate the consequences. A telling example is the 2025 cyber breach involving DBS Bank and Bank of China (Singapore) suffered a significant breach due to a ransomware attack on a third-party vendor. Although their core systems remained secure, over 11,000 customer records were exposed, and DBS saw its market value drop by nearly USD 10 billion in a single day. This case demonstrates that even with strong policies in place, weaknesses in third-party risk management can have catastrophic results. Similarly, a significant and persistent disconnect exists between cybersecurity policy and its practical application across Africa. Kearney’s 2023 report predicted that annual losses from cybercrime would exceed USD 3.5 billion in the region, nearly 10 percent of GDP for some countries. While 74 percent of East African organizations identify cybersecurity as a top priority according to PwC’s 2025 Digital Trust Insights survey, only 29 percent regularly conduct resilience exercises. This discrepancy reveals that while awareness is high, consistent operationalization remains lacking. For Rwandan financial institutions, failing to comply with National Bank of Rwanda and National Cyber Security Authority requirements can lead to direct financial losses, regulatory penalties, and lost trust. For example, Central Bank data show that between January and September 2020, 141 fraud cases resulted in Rwf371 million in losses, with over three-quarters of those funds unrecovered. These losses underscore the necessity for continuous vigilance and underpin the importance of sector-wide collaboration. Closing the gap between policy and action starts with leadership. Cybersecurity must be a permanent item on the board agenda, with executives owning risk decisions and reviewing incident trends regularly. Financial institutions should adopt routine penetration testing, vulnerability assessments, and crisis simulations to ensure that controls are truly effective. Managing third-party risk is crucial, which means requiring vendors to meet security standards, conducting annual audits, and monitoring performance continuously. Ongoing investment in talent, including hands-on training and industry certifications, helps build resilience. Adopting maturity-based frameworks such as ISO/IEC 27001 and the NIST Cybersecurity Framework enables organizations to evolve from mere compliance to a culture of security. Making cybersecurity a shared responsibility for all employees through ongoing awareness programs and clear communication is also vital. As Rwanda is poised to establish itself as a leading regional financial hub, it has laid a strong regulatory policy framework despite the ongoing challenge of translating it into consistent and effective practices across the sector. Leaders must view cybersecurity not as a cost but as the foundation of customer trust and economic security. By making cybersecurity a lived organizational value, Rwanda’s financial institutions can secure the nation’s digital future and foster lasting growth. The work is not complete until every employee, from the boardroom to the frontline staff, sees cybersecurity as part of their daily routine. Through ongoing commitment and collaboration, Rwanda’s financial sector can set a new standard for resilience, trust, and prosperity. The author is a certified IT auditor with expertise in IT auditing, risk management, cybersecurity, and IT governance.
