The Reserve Bank of Fiji (RBF) has established a cybersecurity committee, reflecting its commitment to enhancing the security of the nation’s financial system amid rising digital threats. RBF Governor Ariff Ali made this announcement while presenting the bank’s Annual Report for the period of August 2021 to July 2024 to the Standing Committee on Economic Affairs.
Governor Ali emphasized that the newly formed committee brings together essential stakeholders, including representatives from commercial banks and government agencies, to bolster cybersecurity measures across Fiji. The initiative aims to tackle the growing trend of cyberattacks that threaten banks and financial infrastructures in the country.
He pointed to specific recent incidents, including scams involving eBay and cryptocurrencies, highlighting the vulnerabilities that consumers face. “When it grows, it also comes with risks,” stated Ali, emphasizing the need for vigilance among the public.
The committee’s responsibilities will include developing comprehensive policies, facilitating information sharing, and raising awareness about cybersecurity protocols—a crucial step in safeguarding both consumers and businesses.
This proactive security approach mirrors wider regional efforts to enhance cybersecurity. The discussions in Fiji about the need for collective action against cyber threats align with past initiatives emphasized by leaders like Eli Hirschauge, the Head of Information Security at ANZ, who has called for stronger collaboration among businesses, government, and communities to address the increasing sophistication of cyber threats.
The formation of the RBF’s cybersecurity committee is a hopeful sign of Fiji’s commitment to fostering a resilient digital landscape. By prioritizing cybersecurity, the country aims to build a safer environment and protect its financial systems against evolving challenges.
Overall, this commitment to a secure cyber framework is a positive step not only for Fiji’s financial integrity but also for the broader Pacific region, as it sets a foundation for improved collaboration and resilience against cyber threats.
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