Key Reflections on the Bank of Uganda’s Cyber Risk Management Guidelines

Overview

The Bank of Uganda (BoU) issued regulatory requirements for all supervised financial institutions (SFIs), effective 1 December 2024, mandating the adoption of robust cybersecurity and technology risk management practices throughout the industry. This proactive stance aims to enhance the resilience of the financial sector against cyber threats.

As digital transformation accelerates within the financial sector, driven by advances in technology, evolving customer expectations and behaviours, increasing competition from fintech companies and non-traditional players, among others, cyber-related threats continue to be a major concern. The growing complexity and frequency of cyberattacks poses significant risks to financial stability and consumer trust. 

These risks, if not properly managed, could result in severe implications.

Download the publication: