The Chairman of Mozambique Stock Exchange (BVM) recently considered that the management of cybersecurity is no longer a purely technical issue, but a strategic one, recommending the market to take a firm and committed stance to stop all types of cybercrime in a coordinated manner.
Speaking during an event called Cybersecurity Summit Mozambique 2023, promoted by Media Club and Bravantic, BVM’s Chairman, Salim Valá, revealed that his institution has been strengthening the integrity of its technological and IT systems, to achieve the necessary security and continue to deserve the trust of investors and the market.
“Stock exchanges are increasingly technological institutions, where huge volumes of information and millions of transactions are processed digitally, making them an attractive target for cybercriminals. A cyber-attack on a stock exchange can jeopardise its main asset which is trust in the market. Without trust there is no market, no investors, no listed companies,” he explained.
In this perspective, BVM’s PCA defended as essential to ensure confidence and avoid the systemic risk arising from market instability and loss of confidence, highlighting cybersecurity as part of the solution.
“Stock exchanges must always be on constant alert, monitoring their control systems and updating their security policies, so that they are always ahead of the cyber threats that are constantly evolving,” he said.
According to the official, “the vulnerability of systems to cyber attacks has potentially devastating consequences, not only for the individuals and institutions directly affected, but also for the stability of financial markets,” he warned, emphasising that a successful cyber attack could result in serious financial consequences.
For the PCA, “cybersecurity has become a critical issue to ensure the integrity, confidentiality and availability of information circulating in stock markets”.
