- Defends Salim Valá

,Chairman of the Board of Directors of the Mozambique Stock Exchange (BVM)

The Mozambican Stock Exchange (BVM) participated, on July 18, 2023, in Maputo, in the “Cybersecurity Summit Mozambique”, an event co-organized by Media Club and Bravantic.

The event brought together sector players (national and international companies in the technology sector), financial institutions and government entities at the same table, for a reflection on cybersecurity in the country, in Africa and in the world.

On the occasion, the Chairman of the Board of Directors of BVM, Salim Cripton Valá, defended the need for companies, especially those operating in the financial sector, to invest in significant investment in the field of cybersecurity.

For Salim Valá, investment in cybersecurity is now a real imperative for companies and an unequivocal commitment in this area allows for a full response to security challenges, which tend to increase with technological and society evolution.

The CEO of BVM was a speaker on the panel that discussed “Cybersecurity Trends in Africa” as well as “Detection and prevention of cyberattacks: new challenges for organizations”.

“The issue of cybersecurity is vital for financial institutions. In the specific case of the financial system, this may affect the issue of liquidity, loss of access to resources available to institutions. We have extreme cases, in which we see our services being interrupted, and this can only be overcome if we have more capacity, more resilience and more robust systems”, defended Salim Cripton Valá.

In another development, BVM's PCA referred that, in recent years, vulnerabilities to cyberattacks have increased and institutions are called upon to adopt a set of measures, which include, among others, the improvement of the institutions' analytical framework, investment in technology (hardware and software) as well as the introduction of robust monitoring systems and the reinforcement of human and technological capacity to resist cyberattacks.

Despite the efforts we have been making, and the fact that our Stock Exchange is still small in size, trading volume and liquidity (with 13 listed companies, market capitalization in % of GDP of 24.59%, turnover of 16,177.62 million MT and liquidity index of 9.14%), we cannot lose sight of the fact that financial institutions such as the New York Stock Exchange, NASDAQ, EQUIVOX, JPMORGAN CHASE, Banco of Bangladesh and Stock Exchange of India (in Mumbai), have in the past suffered attacks that resulted in service disruption, price gouging, information theft, financial loss or reputational damage.

Finally, Valá recognized the “continuous need to improve security measures, to reduce risks and invest in cyber resilience, emphasizing that this requires permanent training, sharing information between our institutions and facing cyber security as a challenge of shared responsibilities”.

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