Kenyan financial institution CEOs warn of cybersecurity expertise scarcity

Kenya’s prime financial institution executives have warned of an acute scarcity of cybersecurity consultants, saying the expertise hole has uncovered lenders at a time when cyber threats are rising sharply.

Financial institution chiefs mentioned within the current Chief Government Officers Survey by the Central Financial institution of Kenya (CBK) that the disaster has been compounded by reliance on guide monitoring programs. The survey discovered that restricted entry to real-time safety tech has left most monetary establishments susceptible to rising cyber threats.

“Among the many challenges that respondents famous regarding their endeavours to implement the cybersecurity tips included the excessive value of attracting, retaining and motivating cybersecurity consultants as a result of scarcity of cybersecurity consultants,” CBK mentioned.

The survey is a part of the Central Financial institution’s effort to evaluate how effectively the monetary sector manages cyber dangers seven years after it issued cybersecurity tips to banks in August 2017. The rules require annual IT audits and board-level reporting.

In accordance with the survey, implementation has been patchy as most banks nonetheless battle to satisfy the baseline compliance necessities, primarily because of staffing constraints and ballooning prices for know-how and coaching.

Regardless of Kenyan banks growing their cybersecurity budgets, they’ve been unable to draw expert workers and procure superior monitoring applied sciences to mitigate cyber dangers. The nation has an estimated 1,700-2,000 cybersecurity professionals, far wanting the 40,000–50,000 wanted to safe the digital financial system.

“Industrial banks indicated that they’ve budgeted between Sh19 million ($147,000) and Sh600 million ($4.6 million) in direction of cybersecurity, indicating a rising consciousness of the dangers posed by refined cyberattacks and a dedication to enhancing the safety posture,” CBK mentioned.

The warning comes as Kenya data the very best spike in cyberattacks in its historical past. Information from the Communications Authority of Kenya (CA) exhibits that cyber threats greater than tripled to 2.5 billion within the first quarter of  2025, a 202% enhance from the earlier quarter.

Interpol has additionally flagged Kenya as a prime goal for cybercriminals in East Africa, citing elevated smartphone penetration and fast adoption of cellular and web banking. 

Nairobi’s rising profile as a regional tech hub has made Kenya a magnet for worldwide cloud, funds, and digital commerce companies. Whereas it’s nice for financial diversification, it has created a brand new battleground for cybersecurity hiring.

Fintechs flush with VC {dollars}, and Massive Tech gamers organising regional bases, have upped the stakes, providing packages most Kenyan banks battle to match.

The sluggish expertise pipeline has worsened the scarcity.  Universities and coaching establishments have struggled to supply job-ready cybersecurity consultants. Regardless of a surge in funding and skills-building programmes, few graduates meet the specialised necessities banks now demand. Certifications like Licensed Info Techniques Safety Skilled (CISSP), Licensed Moral Hacker (CEH), and ISO requirements stay pricey. 

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