Cybersecurity threats in financial systems are on the rise globally, including within East Africa's diverse economies. The region faces unique challenges related to technological advancement and regulatory frameworks. The research employs a mixed-methods approach combining qualitative interviews (N=20) with quantitative data analysis of public sector cybersecurity reports from selected East African nations, including Ghana. Statistical models are used to assess the effectiveness of current measures against identified threats. Quantitative results show that Ghana's financial systems are particularly vulnerable to phishing attacks at a rate higher than other countries in the region (p<0.05). The study concludes by recommending enhanced cybersecurity training programmes for financial sector employees and the adoption of advanced encryption technologies as key mitigation strategies. Develop robust cybersecurity policies, increase public awareness through education campaigns, and implement regular security audits to fortify East African financial systems against cyber threats.
Ampofo et al. (Fri,) studied this question.
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