AI adoption lifts finance but opens door to faster cyberattacks-experts

Audio By Vocalize

Cybercriminals are using artificial intelligence (AI) to speed up and scale attacks faster than financial institutions can respond, industry leaders said in Nairobi as Africa’s banking sector weighs both opportunity and risk from the technology.

Speaking during the opening day of BFSI Week 2026 on Wednesday, speakers said banks, insurers and savings cooperatives must prioritise business value and cyber resilience as they expand AI use across operations.

The conference, held in Nairobi under the theme “Powering Africa’s Financial Transformation,” brought together more than 300 delegates from banking, SACCOs, insurance, fintech and technology firms.

Harry Hare, chairman of CIO Africa by dx5, urged institutions to focus on outcomes rather than hype.

“Technology is not there for technology’s sake. Technology is there to help us solve very specific problems, improve efficiency and create value for customers,” he said.

He noted that pressure from boards, customers, competitors and vendors was accelerating adoption across the sector.

“Your board is asking what you are doing about AI. Your customers are asking how you are using AI. Your competitors are adopting AI, and vendors are constantly offering AI solutions,” he added.

Hare cautioned against rushing into deployment without clarity on impact.

“Let’s ride the hype, but let’s reason reality into what we’re doing in technology so that we don’t lose sight of what technology is supposed to do,” he observed.

At the same event, Dennis Muriithi, senior solutions engineer at Sophos, warned that AI is reshaping the threat landscape.

“With new technology come new risks, and one of the most constant risks has always been cybersecurity,” he said.

He pointed to a surge in AI-enabled phishing and automated attacks.

“The number is not going to go down. Whatever we’re experiencing today will get worse,” he warned.

Muriithi said attackers are now embedding AI across the entire cyberattack chain, reducing response time for defenders.

“In the AI era, we are moving from minutes to seconds of impact,” he explained.

He urged organisations to test incident response systems and clarify escalation chains.

“The question is, what is your escalation chain? Do you have a plan?” he asked delegates.

At the same time, Sarah Muriuki, group head of enabler systems support at Equity Bank Kenya, said Africa could become a global hub for AI-enabled services.

“Africa is not only a market for AI, but we are also becoming a delivery engine,” she said.

She pointed to the continent’s expanding business process outsourcing sector, valued at nearly $20 billion, with about 1.1 million people employed.

Muriuki said the region must move beyond low-cost outsourcing models toward higher-value AI-driven services.

“Are we going to just stay as an arbitrage back office, or do we level up and start bringing value to the market through AI-augmented services?” she asked.

She added that leadership, not technology, will determine the outcome.

“That is not a technology question. It is a leadership question,” she noted.