Kenya’s top bank executives have warned of an acute shortage of cybersecurity experts, saying the talent gap has exposed lenders at a time when cyber threats are rising sharply.
Bank chiefs said in the recent Chief Executive Officers Survey by the Central Bank of Kenya (CBK) that the crisis has been compounded by reliance on manual monitoring systems. The survey found that limited access to real-time security tech has left most financial institutions vulnerable to rising cyber threats.
“Among the challenges that respondents noted concerning their endeavours to implement the cybersecurity guidelines included the high cost of attracting, retaining and motivating cybersecurity experts due to the shortage of cybersecurity experts,” CBK said.
The survey is part of the Central Bank’s effort to assess how well the financial sector manages cyber risks seven years after it issued cybersecurity guidelines to banks in August 2017. The guidelines require annual IT audits and board-level reporting.
According to the survey, implementation has been patchy as most banks still struggle to meet the baseline compliance requirements, mainly due to staffing constraints and ballooning costs for technology and training.
Despite Kenyan banks increasing their cybersecurity budgets, they’ve been unable to attract skilled staff and procure advanced monitoring technologies to mitigate cyber risks. The country has an estimated 1,700-2,000 cybersecurity professionals, far short of the 40,000–50,000 needed to secure the digital economy.
“Commercial banks indicated that they have budgeted between Sh19 million ($147,000) and Sh600 million ($4.6 million) towards cybersecurity, indicating a growing awareness of the risks posed by sophisticated cyberattacks and a commitment to enhancing the security posture,” CBK said.
The warning comes as Kenya records the highest spike in cyberattacks in its history. Data from the Communications Authority of Kenya (CA) shows that cyber threats more than tripled to 2.5 billion in the first quarter of 2025, a 202% increase from the previous quarter.
Interpol has also flagged Kenya as a top target for cybercriminals in East Africa, citing increased smartphone penetration and rapid adoption of mobile and internet banking.
Nairobi’s growing profile as a regional tech hub has made Kenya a magnet for international cloud, payments, and digital commerce firms. While it’s great for economic diversification, it has created a new battleground for cybersecurity hiring.
Fintechs flush with VC dollars, and Big Tech players setting up regional bases, have upped the stakes, offering packages most Kenyan banks struggle to match.
The sluggish talent pipeline has worsened the shortage. Universities and training institutions have struggled to produce job-ready cybersecurity experts. Despite a surge in funding and skills-building programmes, few graduates meet the specialised requirements banks now demand. Certifications like Certified Information Systems Security Professional (CISSP), Certified Ethical Hacker (CEH), and ISO standards remain costly.
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