Banks in Ghana are at a high risk of server attacks due to unsecured data with professional data centres on cloud software.
A cloud software allows the user to run computer applications over the internet, without having to buy, install or manage their own servers. This means a company can run its IT operations with only a browser and an internet connection.
According to experts, cloud software could enhance up to 50 percent operations in banks. This is because it has integrated capabilities to deliver para systems and address challenges associated with the banking industry.
Darrel Orsmond, Head of Banking Industry at SAP Africa, a global technology company, noted that banks that are yet to secure their data with professional data centres on a cloud software maximize server attacks. He described the situation as very risky during the SAP Innovation Day held in Accra, which is aimed at exploring potential of digital technologies in Ghana.
The event was aimed at empowering organisations to leverage on digital technologies to drive innovation and reinvent their business models.
“The banks in Ghana have large legacy problems like a lot of banks across Africa, they’ve built one piece of software system that does savings account, there’s another one that does credit cards, and another does HR and sometimes they haven’t got a finance system and a lot of excel spread sheets,” Darrel Orsmond said.
He noted that banks in Ghana access their data from their servers which are mostly located in one of the bank’s branch offices instead of a cloud software as it is done in developing countries including African countries like South Africa and Kenya.
Unlike cloud centres that deal with all levels of securities, banks in Ghana choose only one or two levels of security which makes them vulnerable to hackers.
Darrel explained further that, “In the past, banks would buy some software and install it on their own computer in the bank but with clouds somebody runs that software for you in a computer center and when you are doing your transaction you access that data without going to your machine in your basement. Once they go onto the cloud they focus on running the business which is what they should be doing.”
He added that: “The real benefit comes when you need to develop new products or make changes. These can take the banks years to do but can be done on the cloud within 60 to 90 days.”
On his part, the head of technology at SAP Africa, Simon Carpenter noted that there is a global technology boom which African governments must take advantage of.
According to him: “the world is fast moving towards technological solution to economic challenges. Ghana will soon deploy the 5G spectrum and that should be an economic game changer for the economy.”
Attending companies gained key insights into the changes they need to implement to enable them to quickly and cost-effectively deliver more useful, meaningful customer experiences.
SAP empowers people and organisations to work together more efficiently and use business insight more effectively to stay ahead of the competition.
SAP applications and services enable more than 345,000 business and public-sector customers to operate profitably, adapt continuously, and grow sustainably.