Zigama Credit and Savings Bank, which predominantly caters for members of the Rwanda Defence Force, Rwanda Correctional Service and Rwanda National Police on Friday said it will start focusing on investments in technologies for better service delivery and strengthening their IT infrastructure to safeguard the bank against cyber attacks.
The chairman board of directors, Zigama CSS, Dr James Ndahiro, told reporters in Kigali that the bank want its workers to be trained more in technology.
“We have seen that this sector is changing face, so to continue giving good services to our members; the workers need to be trained. We will also invest in buying equipment related to technology, as we look to enhance the safety of our members’ money,” Dr Ndahiro said.
Currently the bank has a capital of over RWF 300 billion (about 335 million USD) and the deposit of the members is currently over RWF 200 billion (About 225 million USD)
More recently a number of businesses surveyed have suffered a cyber security breach in the past 12 months; with incidences ranging from fraudulent emails, viruses, spyware and malware, to attempted hacking of sensitive information.
Currently Zigama is emphasing to be at the forefront of cyber security investing heavily to protect some of their clients’ most valuable and sensitive information.
According to the senior management of the bank, these investments present an opportunity for the financial institution to generate a return on that investment by earning revenue from the cybersecurity solutions they develop.
The military bank is especially looking to develop a range of options to monetize cybersecurity solutions including selling the technology outright to other companies for their own use, or provide white-labeled solutions that other companies could turn around and offer to their customers, it said.
CU/as/APA