AI Threats Target Banking: Experts Warn of a New Cyber Tsunami
Cybersecurity experts at Cairo ICT 2025 warned that artificial intelligence is ushering in an unprecedented wave of threats targeting the financial sector, describing it as a looming “cyber tsunami” that demands urgent awareness, stronger defenses, and continuous system upgrades.
During a session titled “AI-Powered Banking in the Line of Fire: Securing Autonomous Finance Against Next-Generation Cyber Threats,” held as part of the 29th edition of the Cairo International Technology Exhibition and Conference, speakers stressed that cybersecurity awareness is now the most critical barrier against AI-enabled attacks.
The session was moderated by Dr. Sherif Hazem, Assistant Sub-Governor for Cybersecurity at the Central Bank of Egypt (CBE), who emphasized the need to communicate cybersecurity risks in simple, understandable language to reach every segment of society.
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New App to Open Bank Accounts via Mobile
Dr. Hazem revealed that the CBE is preparing to launch a new mobile application named “Hawity”, which will allow individuals to open bank accounts and conduct full financial transactions digitally. He noted that the move aligns with the global shift toward autonomous finance and end-to-end digital services.
He also discussed advancements in digital protection, explaining that the new generation of FireWall Models has evolved to counter AI-driven cyberattacks. Hazem warned against blind reliance on AI outputs, stressing that the technology is “a tool, not a doctor prescribing treatment,” and should not be assumed to be 100% accurate.
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Deepfake Fraud: A Growing Threat to Banking
Abeer Khidr, Head of Cybersecurity at the National Bank of Egypt, said awareness must evolve to address the advanced risks posed by AI. She revealed that banks have intensified employee training and showcased real cases of deepfake fraud using manipulated voice, video, and images to trick customers into making unauthorized transfers.
Khidr explained that banks have introduced “escape room simulations” to model cyberattack scenarios and train staff on crisis response. She added that customer awareness campaigns are expanding, noting: “Only AI can defeat AI—just as iron cuts iron.”
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AI: A Double-Edged Sword
Rania El-Roubi, Head of Information Security at Banque Misr, described AI as a double-edged sword, calling continuous technological upgrades a necessity rather than an option. She emphasized that cybersecurity leaders are now an integral part of high-level decision-making and highlighted global studies showing that AI spending reached USD 252 billion worldwide.
El-Roubi underscored the importance of tools capable of detecting deepfakes and combating online fraud, urging that the awareness generated at Cairo ICT should extend to society as a whole. “Continuous learning,” she said, “is the key weapon against online threats.”
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Evolving Threats Require Evolving Defenses
Beshoy Wasfy, Senior Information Security Manager at SayShield, said that AI has become embedded across all business sectors, with the world racing to keep up with its rapid evolution. He stressed the importance of upgrading digital protection tools to match the sophistication of modern threats.
“AI brings tremendous value across industries,” he said, “but it requires constant adaptation to ensure it is used to secure—rather than expose—critical systems.”
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The Future Will Bring More Complex AI Threats
Sherif Sheltout, Regional Director for MENA at Liquid C2, noted that organizations now view AI as essential to every business function, which makes security awareness, training, and robust protection technologies top priorities.
He predicted the emergence of far more advanced AI systems in the coming years and stressed the importance of supporting local technologies while thoroughly evaluating imported systems to ensure they can meet Egypt’s digital security requirements.
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Cairo ICT 2025: The Region’s Technology Powerhouse
The 29th edition of Cairo ICT runs from November 16–19, under the patronage of Dr. Amr Talaat, Minister of Communications and Information Technology, at the Egypt International Exhibition Center. More than 500 exhibitors are participating, along with leading ministries, regulators, and governmental institutions.
Cairo ICT 2025 includes five major specialized events:
PAFIX – Digital Payments & Financial Inclusion (under the Central Bank of Egypt)
AIDC – AI, Data Centers & Cloud Computing (under the Ministry of Foreign Affairs)
Connecta – Youth, Gaming & Entertainment Technologies
Innovation Arena – Startups & Innovation
Cyber Zone – Cybersecurity (spanning two separate zones)
Participating organizations include the Ministry of Communications and IT, the Central Bank of Egypt, the Financial Regulatory Authority, the National Telecom Regulatory Authority, ITIDA, Egypt Post, the Arab Organization for Industrialization, and Future of Egypt Authority as Guest of Honor.