Over the past few years there has been a marked increase in the number of corporations in various industries who have decided to go digital and fully embrace the fourth industrial revolution. For those who had already begun to invest in technology, they went ahead and further improved upon their existing systems and made them smarter.
NMB Bank has been channeling significant investment towards its information and communications technology (ICT) security systems owing to the cyber related threats.
Businesses in Africa are particularly vulnerable to cybercrime, with more than half of the countries in Africa having inadequate cybersecurity laws and regulations, making it a haven for cybercriminals.
The bank has completely digitized its internal operations, which has resulted in the complete elimination of paper in our internal processes. It also complemented its virtual branch, which has also completely removed the need for paper and form filling across our branch network.
Aside from the improved efficiencies, the elimination of paper and form filling has contributed immensely towards the fight against the spread of Covid-19 thereby safeguarding the Bank’s customers and staff in the process.
Through Robotic Process Automation workstream, NMB have also been aggressively developing robots to perform back office functions including reconciliations. At the reporting date, NMB had deployed approximately 22 functional robots.
“As we build our digital platforms, we are also cognizant of the cyber related threats and we have been channeling significant investment towards our ICT security systems, in particular cybersecurity to ensure our platforms and customers are protected,” said NMB Bank chief executive Benefit Washaya.
“We have collaborated with some of the best global cyber security solution providers to ensure our systems are secured.”
But, with the convenience that technology brings to our day-to-today company operations, it is easy to overlook the critical aspect of efficient security implementation. Experts say companies face a dual challenge – lobbying governments for more stringent cybersecurity laws and protections and addressing the immediate threats to their businesses – Harare