Financial industry shares same challenges
Cybersecurity has evolved from a technical back-office concern into a business, economic and national security emergency that no single institution can tackle alone, Absa Botswana has announced. Absa Botswana Chief Credit Officer, Maungo Mokotedi has stressed cybersecurity is no longer merely an information technology problem. Citing Interpol’s findings, he warned that attackers are coordinated, agile and constantly evolving, imploring the nation’s response to be equally coordinated, equally agile and equally determined.
“This is no longer simply a technology issue, but rather a business and broader economic issue. It is, in essence, a national resilience issue,” said Mokotedi at Absa Botswana’s Cybersecurity Thought Leadership Session held under the theme: ‘Strengthening Botswana’s Cyber Resilience Through Collaboration, Awareness and Shared Responsibility’. According to Interpol’s 2025 Africa Cyberthreat Assessment, cybercrime now costs the continent approximately US$3 billion annually, with online scams, ransomware, business email compromise and AI-enabled fraud ranking among the fastest-growing risks. Mokotedi called for stronger partnerships, greater information sharing among financial institutions and regulators, and enhanced public awareness to safeguard the nation’s digital future.
Absa Chief Information Security Officer, Mafoko Lebogang outlined three pillars underpinning the bank’s cybersecurity strategy - collaboration, awareness and shared responsibility. “Compliance alone will not give us protection. Even though we may be competing for customers, when it comes to protecting the financial system, we are aligned,” said Lebogang emphasising people remain the first line of defence. “Most cyberattacks begin by targeting people rather than technology." He urged customers to remain vigilant against phishing links, fraudulent calls and fake payment requests. Global cybersecurity expert, Antonios Christodoulou, a former Chief Information Officer and Chief Executive Officer of Cyber Dexterity said the greatest vulnerability remains the person behind the screen.
“Cybersecurity is a business issue. It is a societal issue. It is a national resilience issue,” Christodoulou said. He explained that cybercriminals are becoming more sophisticated not because they have better technology, but because they have become better at understanding human psychology. “Awareness alone is not enough. We need to change behaviour,” he said, drawing on his research in cyber psychology. He also called for stronger collaboration between governments, regulators, financial institutions and the private sector. “Cyber criminals work together. We need to work together too.”
“This is no longer simply a technology issue, but rather a business and broader economic issue. It is, in essence, a national resilience issue,” said Mokotedi at Absa Botswana’s Cybersecurity Thought Leadership Session held under the theme: ‘Strengthening Botswana’s Cyber Resilience Through Collaboration, Awareness and Shared Responsibility’. According to Interpol’s 2025 Africa Cyberthreat Assessment, cybercrime now costs the continent approximately US$3 billion annually, with online scams, ransomware, business email compromise and AI-enabled fraud ranking among the fastest-growing risks. Mokotedi called for stronger partnerships, greater information sharing among financial institutions and regulators, and enhanced public awareness to safeguard the nation’s digital future.
Absa Chief Information Security Officer, Mafoko Lebogang outlined three pillars underpinning the bank’s cybersecurity strategy - collaboration, awareness and shared responsibility. “Compliance alone will not give us protection. Even though we may be competing for customers, when it comes to protecting the financial system, we are aligned,” said Lebogang emphasising people remain the first line of defence. “Most cyberattacks begin by targeting people rather than technology." He urged customers to remain vigilant against phishing links, fraudulent calls and fake payment requests. Global cybersecurity expert, Antonios Christodoulou, a former Chief Information Officer and Chief Executive Officer of Cyber Dexterity said the greatest vulnerability remains the person behind the screen.
“Cybersecurity is a business issue. It is a societal issue. It is a national resilience issue,” Christodoulou said. He explained that cybercriminals are becoming more sophisticated not because they have better technology, but because they have become better at understanding human psychology. “Awareness alone is not enough. We need to change behaviour,” he said, drawing on his research in cyber psychology. He also called for stronger collaboration between governments, regulators, financial institutions and the private sector. “Cyber criminals work together. We need to work together too.”
