The International Institute of Certified Forensic Investigation Professionals (IICFIP) will soon be providing cyber security training to Cameroonian Micro-Finance Institutions (MFIs) to help them avert evolving threats facing the industry.

IICFIP is a global professional membership organisation, which brings together forensic investigators and provides forensic investigation skills training, accreditation and certification.

The intensive training is scheduled to take place in Cameroon’s economic capital Douala, 28-30 June 2023.

It will bring together 300 participants drawn from among MFI managers, IT staff, compliance staff, board members, employees and clients.

According to Dr. Akepe Linus Enobi, Africa Continental director, IICFIP, the training is coming against the backdrop of a significant rise in cybersecurity threats, especially for the MFI industry, which uses digital technology or operates online.

Akepe said cyber threats in the MFI industry could take many forms, notably phishing attacks, ransomware attacks, social engineering, and identity theft.

He said that, if not thwarted, these threats can result in financial losses, reputational damage, and legal liabilities for MFIs and their clients.

“The scale of cyber threats facing the MFI industry in Cameroon and other countries depends on various factors such as the level of digitalisation, the sophistication of cybercriminals, and the effectiveness of cybersecurity measures employed by the MFIs.

“It is essential for MFIs to prioritise cybersecurity and take proactive measures to protect their systems and data from cyber threats. This can include implementing strong password policies, training employees on cybersecurity best practices, and regularly testing and updating security systems,” Akepe told ITWeb Africa.

During the training, IICFIP will educate participants on best practices for securing networks, data, and systems against cyber threats as well as increase awareness of cybersecurity threats and risks faced by MFIs in Cameroon. The professional body will also provide guidance on creating and implementing effective security policies and procedures, educate staff on incident response and explain how to manage access control and authentication in cloud environments.

It is expected that MFIs that take part in the exercise will thereafter experience enhanced cybersecurity, improved operational efficiency, gain competitive advantage and cost savings. It will also be an avenue to foster collaboration and networking among MFIs in Cameroon to share knowledge and best practices.

In addition, the training workshop will provide a platform for MFIs to form partnerships with other businesses – partnerships that can help to create a more secure and robust cloud computing infrastructure.

“B2B customers are increasingly concerned about the security of their data and are more likely to do business with companies that have robust cybersecurity and cloud computing infrastructure in place. The training workshop will help MFIs to demonstrate their commitment to security and build trust with their B2B customers,” Akepe said.

He added that the training will help MFIs to ensure that they are in compliance with regulatory requirements, which can improve their credibility and reputation in the B2B space.