In an era of increasing digital reliance, Savings and Credit Cooperative Organizations (SACCOs) and Microfinance Institutions (MFIs) are becoming prime targets for cybercriminals due to their growing digital footprints and the sensitive financial data they manage. Cybersecurity for SACCOs and Microfinance Institutions is no longer a luxury but an absolute necessity to protect member assets, maintain public trust, ensure operational continuity, and comply with evolving financial regulations. These institutions, often operating with leaner budgets and fewer dedicated IT resources than larger banks, face unique challenges in building robust cyber defenses. A single data breach or system compromise can have devastating consequences, leading to financial losses, reputational damage, and a loss of confidence among their members and stakeholders. Without a proactive and comprehensive approach to Cybersecurity for SACCOs and Microfinance Institutions, these vital financial enablers risk undermining their mission of financial inclusion and stability, underscoring the critical need for specialized training to fortify their digital resilience.

Duration: 5 Days

Target Audience

• SACCO and MFI Board Members
• SACCO and MFI Senior Management (CEOs, Operations Managers)
• IT Managers and Staff within SACCOs and MFIs
• Risk Management and Compliance Officers
• Internal Auditors
• Member Service Representatives
• Finance and Accounting Personnel
• Business Development Managers
• Anyone involved in the digital transformation of SACCOs/MFIs
• External consultants advising SACCOs/MFIs on technology and security

Objectives

• Understand the unique cybersecurity threat landscape facing SACCOs and MFIs.
• Learn to identify common cyber threats and attack vectors (e.g., phishing, ransomware).
• Acquire skills in conducting basic cybersecurity risk assessments for their institutions.
• Comprehend techniques for implementing essential cybersecurity controls (e.g., MFA, encryption).
• Explore strategies for ensuring data privacy and compliance with relevant regulations.
• Understand the importance of developing and testing an incident response plan.
• Gain insights into securing digital payment channels and mobile banking platforms.
• Develop a practical understanding of fostering a strong cybersecurity culture among staff and members.

Course Content

Module 1: Introduction to Cybersecurity in Financial Cooperatives

• The evolving digital landscape for SACCOs and MFIs.
• Why SACCOs and MFIs are targets for cybercriminals.
• Understanding common cybersecurity terms and concepts.
• Impact of cyberattacks: financial, reputational, operational.
• The importance of a proactive cybersecurity posture.

Module 2: Identifying Cyber Threats and Attack Vectors

• Types of malware: viruses, worms, ransomware, spyware.
• Social engineering attacks: phishing, spear phishing, vishing, smishing.
• Denial of Service (DoS/DDoS) attacks.
• Insider threats: accidental errors and malicious acts.
• Supply chain risks from third-party vendors.

Module 3: Cybersecurity Risk Management and Assessment

• Principles of risk management: identify, assess, mitigate, monitor.
• Conducting a basic cybersecurity risk assessment for SACCOs/MFIs.
• Identifying critical assets and sensitive data.
• Vulnerability scanning and penetration testing overview.
• Developing a risk treatment plan.

Module 4: Essential Cybersecurity Controls and Best Practices

• Network security fundamentals: firewalls, intrusion detection/prevention systems.
• Endpoint security: antivirus, anti-malware, host intrusion prevention.
• Identity and Access Management (IAM): strong passwords, Multi-Factor Authentication (MFA).
• Data encryption for data at rest and in transit.
• Patch management and software updates.

Module 5: Data Privacy, Protection, and Compliance

• Understanding data privacy principles and regulations (e.g., general data protection principles).
• Implementing data classification and handling policies.
• Secure data storage and backup strategies.
• Data anonymization and pseudonymization.
• Regulatory compliance for financial data protection.

Module 6: Securing Digital Channels and Mobile Banking

• Cybersecurity considerations for mobile banking applications.
• Secure development practices for web and mobile platforms.
• Protecting online payment gateways.
• Authentication mechanisms for digital transactions.
• Awareness for members on secure digital banking practices.

Module 7: Incident Response and Disaster Recovery

• Developing a cybersecurity incident response plan.
• Steps in incident management: preparation, detection & analysis, containment, eradication, recovery.
• Digital forensics basics: evidence collection and preservation.
• Business Continuity Planning (BCP) and Disaster Recovery (DR) for cyber incidents.
• Communication strategies during a breach.

Module 8: Building a Cybersecurity Culture and Continuous Improvement

• Importance of cybersecurity awareness training for all staff.
• Recognizing and reporting suspicious activities.
• Policies and procedures for secure IT usage.
• Fostering a culture of security consciousness.
• Continuous monitoring, review, and improvement of cybersecurity posture.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 10 working days before commencement of the training.