The Reserve Bank of Malawi (RBM) has implemented new rules, the Information and Cyber Security Risk Management Guidelines, to guide banks to overcome cybersecurity risks.

Governor Dalitso Kabambe, registrar financial institution RBM, said that poorly managed cybersecurity risks can disturb the financial industry by causing denial of service to customers, exposure of private information, deletion of records, and data management problems.

John Kapito, executive director of the Consumers Association of Malawi, said that the high risk faced by the banking industry necessitates constant changes in cybersecurity policy.

Management of information and cybersecurity risk, strengthening banks information security, and the protection of critical infrastructure are part of the rules.