Bank of Tanzania (BoT) has launched a specialized unit called The Tanzania Financial Sector Computer Emergency Response Team (TZ-FinCERT), a new initiative that will monitor, detect and respond to cyber incidents affecting the financial sector aimed to enhance the cybersecurity of the financial sector in the country.   

Speaking while officiating the TZ-FinCERT stakeholders’ workshop at the BoT sub-head office in Dar es Salaam on November 14, 2023, Deputy Governor, Financial Stability and Deepening, Mrs. Sauda Kassim Msemo, stated that the workshop had gathered industry leaders and cybersecurity experts to deliberate on the challenges and opportunities presented by the digital revolution in the financial sector.

She reiterated that the TZ-FinCERT’s main role will be to build the capability of the sector to proactively detect and respond to cybersecurity incidents. “This will enable the sector to be more resilient to cybersecurity threats and incidents and to ensure continuity in delivering financial-related services to the stakeholders,” she said.

She further explained that establishing the TZ-FinCERT was a remarkable milestone towards having a safe financial system in the country. “BoT will keenly follow up and contribute to the TZ-FinCERT operations geared towards its successful establishment and operationalization” she said.

Msemo acknowledged that the level of automation of business processes in the financial sector was increasing exponentially, but so was the level of exposure to cyber threats and attacks. By building a resilient cybersecurity framework, BoT is contributing to the broader national goal of creating a secure digital future for all Tanzanians.

“A true partnership between governments and non-government stakeholders is essential to addressing cyber-related challenges and improving processes in responding to cyber security incidents,” she added.

In attendance were representatives from the Ministry of Finance, Tanzania Police Force, Tanzania Communications Regulatory Authority (TCRA), e-Government Authority (eGA), Tanzania Revenue Authority (TRA), Capital Market and Securities Authority (CMSA), Tanzania Insurance Regulatory Authority (TIRA), Tanzania Bankers Association (TBA) and Tanzania Mobile Network Operators Association (TAMNOA).