Cybersecurity threats in East African financial systems have become increasingly prominent due to the rapid digitization of banking and financial services. A mixed-method approach was employed, including a literature review and semi-structured interviews with cybersecurity experts from the region. Analysis revealed that phishing attacks account for approximately 30% of all reported cyber incidents in Ugandan financial institutions. The study concludes that while current security measures are effective against most threats, there is a need to enhance training programmes and implement more advanced intrusion detection systems. Financial regulators should mandate regular cybersecurity audits and encourage the adoption of multi-factor authentication for all online transactions. East Africa, Cybersecurity, Financial Institutions, Uganda, Mitigation Strategies Model estimation used =argmin_ᵢ (yᵢ, f_ (xᵢ) ) +₂², with performance evaluated using out-of-sample error.
Nakimbwa et al. (Sat,) studied this question.