IT and Cybersecurity in the Financial Sector

Emerging economies' financial sectors frequently become the targets of cyberattacks. However, insufficient investment in cybersecurity leaves many developing countries at the mercy of cyber criminals. In many of these countries, people prefer to use mobile wallets rather than bank accounts, which tend to contain more private data and system security gaps. Regulators and supervisory authorities in German development cooperation partner countries face tremendous difficulties in addressing this issue, particularly in light of limited human resources and technical expertise.

This factsheet shares the German Federal Ministry for Economic Cooperation and Development's and German development cooperation's strategy and approach, and calls for actions for combating cybercrime in emerging economies.