In the past 3 days Lesotho’s financial regulatory Central Bank of Lesotho has announced challenges of cyber attacks which have unfortunately affected inter-bank transfers.
This message let to local banks indicating interruption with their services to other local banks.
How is this affecting businesses?
The insurance business for example they are facing challenges of not being able to pay claims to clients and suppliers who have rendered services. Clients are not able to pay their premiums through other banks.
How to mitigate events like this as a business?
A business continuity plan (BCP) simple put is a business’s level of readiness to main critical functions of the business operational during and after disruptive events like natural disasters, cyber-attacks, or emergencies. It typically includes risk assessments, recovery strategies, and steps to ensure minimal disruption to operations. Creating and regularly updating a BCP is crucial for preparedness. Therefore is important for business to have readily other means of payment channels such as mobile wallets and or where possible have an account with all banks.
