Bank of Zambia Governor Christopher Mvunga says there is need to address cyber risks in the financial sector because it one of the major challenges affecting the financial sector.
Mr. Mvunga however says multi-national banks have a globalized system that they use to store information and might not be possible to ask them to move the servers to Zambia.
He has proposed that it is better to prescribe minimum data that can be disclosed for the sake of the cyber security bill if enacted into law.
Mr. Mvunga says Banks have complex programming which cannot just be moved and that doing so can be very costly.
He was speaking when he appeared before a joint committee on media, information, Communications technologies and National Security and Foreign Affairs which is considering the Cyber Security and Cyber Crimes Bill, 2021.
Meanwhile Ministry of Information and Broadcasting Services Permanent Secretary Amos Malupenga said the Cyber Security and Cyber Crimes Bill, 2021 is progressive and will ensure safety of Zambians.
Mr Malupenga said the ministry supports the enactment of the cybercrime and cyber security bill because it will bring sanity to online media platforms.
He said widespread abuse through the spread of falsehoods hate speech and disinformation has potential destabilize the country.
Mr. Malupenga further said the bill will also provide a lawful interception of communication and also enhance the provisions of the Zambia media council bill which aims at promoting professionalism in the media industry.
And Ministry of Youth, Sports and Child Development Permanent Secretary John Phiri said the Cyber Security and Cyber Crimes Bill, 2021will help to domesticate the United Nations convention on rights of a child.
Dr Phiri said the bill will also help promote and protect children and young people’s rights and enable them to access educational material in a safe space.
Ministry of Defence Permanent Secretary Felix Phiri proposed that there must be a provision to allow his ministry to be involved in monitoring of information because it is also mandated to protect the country.
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