The rules have changed and they will continue to evolve.
For years, cybersecurity within financial institutions was treated as a technical safeguard, important but largely procedural. Installing firewalls, enforcing password policies and passing audits were seen as sufficient for compliance.
That era emphasized checklist security. In 2026, that era has ended. Financial institutions are no longer being asked whether they are secure. They are required to demonstrate that they are resilient.
Regulators are no longer satisfied with assurances about prevention. The critical question now is clear: can you withstand and recover from a cyberattack? This shift reflects the realities of an increasingly digitized economy.
Cyber threats continue to escalate, driven by advancing technologies, expanding digital platforms, technical vulnerabilities and evolving customer behaviour. As financial services migrate online, the attack surface expands in scale and complexity.
Cybersecurity can no longer operate quietly as a back-office technical function. It is central to protecting systems, networks and data from digital threats that have the potential to disrupt financial stability, erode institutional credibility and undermine customer trust.
A defining moment for Uganda’s financial sector came with the Bank of Uganda’s regulatory requirements for all supervised financial institutions, effective December 1, 2024.
These directives mandate the implementation of comprehensive cybersecurity and technology risk management frameworks, backed by enforceable penalties for non-compliance. This marks a decisive transition from guidance to obligation.
Financial institutions are now subject to risk-based supervision. Weak data protection controls, inadequate infrastructure or insufficient governance mechanisms attract immediate regulatory scrutiny.
Cybersecurity is no longer optional. It is foundational to maintaining a license to operate. Global data underscores this urgency. According to PwC’s 2025 Digital Trust Insights survey, 74 per cent of organisations in East Africa are prioritizing cyber risks, while 71 per cent are focusing on digital and technology-related risks.
Across Africa, 96 per cent of security leaders and CFOs report increased cybersecurity investment, largely driven by regulatory requirements and global risk trends. What distinguishes resilience from traditional security is a fundamental assumption: an attack will eventually succeed.
Resilience is not limited to prevention. It encompasses preparedness, response and recovery. It asks how quickly systems can be restored, how effectively operations can continue and how institutional trust can be preserved in the aftermath of disruption.
This evolution is reshaping the financial sector in tangible ways. First, cybersecurity is now embedded within enterprise strategy. It is no longer a compliance checklist addressed at the final stage of implementation.
Early integration reduces systemic vulnerabilities and minimizes costly disruptions during crises. Second, leadership oversight has intensified. Boards are increasingly engaged in cyber risk governance.
Independent cybersecurity functions, led by designated officers, are being established to ensure accountability and strategic direction. However, these leaders must be empowered to guide boards in understanding the cyber and data privacy implications of strategic initiatives and emerging business models.
At the regulatory level, the Uganda Communications Commission has established a Digital and Mobile Forensics Laboratory. For the banking industry, this strengthens national capacity to investigate digital crimes, accelerate incident response and reinforce collective resilience.
It signals recognition that cybersecurity risk is systemic and requires coordinated oversight. Regulators are also promoting threat- led penetration testing. Rather than relying solely on theoretical compliance, institutions are required to simulate real- world attacks.
These exercises test whether people, processes and technology can withstand operational pressure and ensure that critical services remain functional during a crisis. Transparency in managing cyber incidents is now mandatory.
Issues that were once handled discreetly to protect institutional reputation now carry regulatory consequences. The Bank of Uganda’s directives require breach reporting, while the Computer Misuse (Amendment) Act, 2022 reinforces accountability for data misuse.
Silence is increasingly equated with non-compliance. For Ugandan depositors, this shift offers reassurance. Financial institutions are no longer merely constructing digital barriers.
They are building adaptive systems designed to ensure continuity of service even when those barriers are tested. The transition from checklist security to mandatory resilience represents a fundamental evolution in Uganda’s financial ecosystem.
It strengthens institutional durability, reduces exposure to fraud and reinforces public confidence in digital financial services. Cyber resilience does not promise a world without disruption. It ensures that when disruption occurs, as it inevitably will, the financial system remains stable, recovers swiftly and continues to serve the economy without interruption.
The writer is the head, Information Security & Data Privacy at Ecobank Uganda
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