New Vision reports that during discussions that took place at the East African Information Security Conference, it was recommended that the Central Bank ensured a balanced contract that will allow financial institutions to bear losses through compensation to online banking customers.
Fredrick Wamala, a global cyber security expert and keynote speaker made a comparison with the United Kingdom, saying: “Who safeguards the citizens against possible fraud? In the UK, the bank pays in case of fraud and they have been forced to provide firewall safeguards to clients?”
He also asked partner states to work closely in protecting ICT infrastructure such as fibre optic cables in addition to advising that there should be all round vetting of everyone who was executing ICT contracts.
It emerged at the conference that customers were vulnerable and suffer full exposure whenever someone breaks into the systems of the banks.
Assistant auditor general, Keto Nyapendi, said in instances where the banks were found culpable they should be required to compensate clients whenever their systems are broken into.
He urged banks to use firewalls and foolproof systems.
The conference heard that espionage, fraud, organised crime and disaffected employees were the main threats to institutions and individuals.