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Economy, Trust, Society and Cybersecurity

Economy, Trust, Society and Cybersecurity

  • Paulo Rosado • Senior EY Manager Consulting

In order to attract investment and encourage digital transformation in businesses, confidence is needed in the services provided, but the latest figures and cases show that there is still a long way to go.

If on the one hand the pandemic has had and continues to have a negative impact on the way we live and interact today, on the other, it was a great catalyst for a digital transformation that probably would not happen otherwise so quickly in organizations.

The trend and perception of increasing number of cybersecurity incidents tells us that public and private entities must continue to invest in the security and resilience of the services provided, to avoid unexpected disruptions that could lead to a breach of user confidence in their products.

The creation and maintenance of this trust translates into greater adoption of digital services in the long term with direct impacts on the economy through the promotion of technological development, creation of new business models and proximity between people and organizations.

This vision on trust in services aligns with the agenda of organizations that have defined goals for sustainability and integrate the Environmental, Social and Governance criteria into all their strategic decisions throughout their value chain, where cybersecurity clearly has major importance in risk management processes,  differentiation and customer loyalty.

Recognizing the importance of cybersecurity for its institutions, Mozambique has developed initiatives through government institutions such as the Bank of Mozambique that issued in 2020 guidelines for Cyber Risk Management and through its Government that has very recently approved the National Cyber Security Policy and Strategy that provides for a set of 25 strategic projects to be implemented by 2025.

Also aligned with other cybersecurity initiatives, the Mozambique delegation of the Southern African Social Communication Institute (Misa) announced earlier this year the preparation of a proposed cybersecurity and data protection law in the country, after a meeting with the government. Misa has been working towards the creation of a legislative package on cybersecurity, arguing that the measures should be based on citizens’ rights and freedoms.

If now we are able to understand the importance of cybersecurity as an essential pillar in the future of the economy and society, it is necessary that institutions and regulators are then trained to monitor the achievement of the objectives outlined and enforce the law and regulations. The recent cyberattack on Mozambique Airlines (LAM) recalls that cybersecurity is a daily work that requires processes with continuous and sustained improvement.

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Finally, according to the ITU’s Global Cybersecurity Index 2020, Mozambique is in 23rd place out of 43 for the African region and in the 123rd position of 182 worldwide, showing the long road ahead in the field of cybersecurity and the country’s digital transformation.

Mozambique is willing and wants to innovate and bring cybersecurity to another level, whether in public or private services, but there must be a strong governance model that makes doctrine and that is applied and adopted by all without exception.

May this path begin in these months that are left until the end of the year!

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