By Benadetta Chiwanda Mia:
The Reserve Bank of Malawi (RBM) is set to engage a firm for the supply and implementation of an artificial intelligence (AI)-based cybersecurity solution called Dark Trace.
RBM announced through a publication on Monday that it had completed the procurement process and identified a preferred bidder, with the contract valued at K651.3 million.
Cyber security expert Exile Njoka has since described the move as progressive, emphasising how AI has transformed business operations.
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“AI has enabled efficiencies in business processes, faster decision-making, better customer service and advancements in products and services,” Njoka noted.
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Njoka stressed the importance of incorporating AI into cybersecurity to stay relevant.
“AI can analyse large volumes of data real-time to detect anomalous behavior and patterns, making it more efficient to identify and respond to advanced threats. It also automates incident response, allowing systems to take necessary actions, such as blocking threats, without human intervention,” he said.
The recently enacted Data Protection Act of 2024 for Malawi presents numerous opportunities for AI utilisation, including data encryption and classification, safeguarding sensitive information by ensuring it is only accessed by authorised entities.
“AI-powered solutions like Dark Trace can help RBM make better use of these opportunities,” he added.
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However, Njoka cautioned that the rise of AI also brings sophisticated cyber threats.
“We are now dealing with AI-powered cyber threats. Attackers are using AI to gather information and create various attacks against their targets. The entry skillset needed for successful cyberattacks is reduced, increasing the number of threat actors,” he warned.
Njika further stated that many enterprise solutions and tools for managing cybersecurity risks are embedding AI to handle AI-powered attacks.
“We have seen a rise in AI-powered social engineering attacks, which manipulate human behavior to fulfill malicious objectives, such as sharing sensitive data, transferring money or granting access to systems,” he said.
Despite these threats, Njoka noted that Malawi is on the right track with regulations such as the Data Protection Act and the Cybersecurity Act, along with new draft bills guiding the sector’s operations.
He proposed specific regulations for AI adoption and usage in Malawi as well as increased awareness across all sectors on the digital era driven by AI.
ICT Association of Malawi President Clarence Gama echoed Njoka’s sentiments, noting that globally, the financial sector has been integrating AI technologies to enhance their cybersecurity measures.
“Financial institutions are adopting AI to detect and respond to threats in real time, improving efficiency through AI automation and predictive capabilities,” Gama said.
Gama highlighted data privacy as a key concern. “AI models require extensive data, some of which is sensitive. Just as companies like Dark Trace use AI for protection, cyber criminals are also leveraging AI to develop complex attack methods,” he stated.
He praised the RBM’s move as a step in the right direction for elevating Malawi’s cybersecurity posture.
“As a country, we should consider such investments and develop a skilled workforce in AI to elevate our position,” he added.
Malawi has made significant progress in its cybersecurity posture, achieving an 80 percent score on the 2024 ITU Global Cybersecurity Index, up from 36 percent in 2020. The index measures a country’s
