Fidelity Bank Ghana is stepping up to address one of the most pressing challenges of modern banking—balancing digital innovation with robust cybersecurity measures. At the 28th National Banking and Ethics Conference, Dr. David Animante, the bank’s Chief Risk Officer, detailed how Fidelity is meeting the demands of a rapidly digitizing financial landscape while protecting its customers and systems from cyber threats.
Speaking on the panel “Navigating Horizon Risks: Strategies for Financial Institutions,” Dr. Animante highlighted the innovative tools Fidelity Bank has adopted to stay competitive. These include digital wallets, QR codes, and advanced point-of-sale systems designed to meet evolving customer expectations for faster, more seamless banking experiences. However, he acknowledged that this digital transformation introduces significant risks, particularly in cybersecurity.
“With more transactions happening digitally, the threat of cybercrime is high,” he said, pointing to the growing challenge of safeguarding customer data and ensuring the integrity of banking systems.
Fidelity Bank has responded with a robust cybersecurity framework aligned with global standards, including ISO 27001, NIST, and GDPR. “Our cybersecurity infrastructure is robust, and we are committed to ensuring the security of our customers’ information,” Dr. Animante emphasized. The bank employs advanced threat detection systems, continuous monitoring, and strict compliance with international regulations to safeguard its platforms.
In addition, Fidelity’s risk management approach integrates cybersecurity with other risk domains, such as credit and operational risks. Using a “three-lines-of-defence” model, the bank ensures that risks are identified, monitored, and mitigated efficiently across all levels, from frontline staff to internal audit. This comprehensive strategy reduces overall risk exposure while maintaining cost efficiency.
Dr. Animante also highlighted the importance of embedding cybersecurity within the bank’s broader digital strategy, ensuring that innovation and security go hand in hand. By investing in secure digital solutions, Fidelity Bank is fostering customer trust while maintaining its competitive edge in Ghana’s rapidly evolving financial sector.
Cybersecurity Trends in Digital Banking
Fidelity Bank’s efforts come at a time when the banking industry is witnessing a surge in cyber threats. According to recent data, the financial sector has become a top target for cyberattacks globally, with phishing schemes, ransomware, and data breaches becoming more frequent and sophisticated.
In Ghana, the Bank of Ghana’s 2023 report revealed a 25% increase in reported cybersecurity incidents compared to the previous year, driven by the rapid adoption of digital financial services. Fintech disruptions, coupled with the rise of mobile money and online transactions, have further exposed banks to vulnerabilities.
Globally, the shift to cloud-based platforms and open banking frameworks has introduced new risks, requiring financial institutions to rethink their approach to data security. Industry experts predict that spending on cybersecurity will rise by over 15% annually as banks prioritize protecting their digital ecosystems.
