Namibia Forms Cyber Security Council to Combat Threats in Financial Sector

The Bank of Namibia has established a cyber security council to address the growing concerns of cybercrime in the country’s financial institutions. The council, comprising information and cyber security experts from various stakeholders, will serve as a platform for discussing and developing strategies to combat cyber threats.

Importance of Cyber Security Council

According to Leonie Dunn, Second Deputy Governor of the Bank of Namibia, the council is necessary to ensure that the issues surrounding cyber security within the sector are given the attention they deserve. “The world is becoming increasingly interconnected, which has led to greater vulnerability,” she said. “Cyber-attacks, data theft, and other malicious activities have become common occurrences, and it’s crucial we take a united approach to address these threats.”

Council Objectives

The council will focus on:

Implementing a cyber strategy for the Namibian financial industry
Sharing best practices for managing cyber risk
Discussing information about cybersecurity threats, loopholes, and incidents
Sharing intelligence and raising awareness of cyber threats among member organizations
Providing strategic advice and guidance on handling these threats

Impact of Cyber-Attacks on Namibia’s Financial Sector

Namibia’s financial sector has been disproportionately affected by cyber-attacks in recent years. According to a 2021 report, Namibian firms suffered an average of 1,382 cyber attacks per week, which is 49% higher than the global average during the same period.

Government Efforts to Combat Cybercrime

The government is working on finalizing its cybercrime-related laws, including the Data Protection Bill and the Cybercrime Bill. The establishment of the council comes at a critical time for Namibia’s financial sector, as the country develops its national cyber security policy to safeguard banks against malware attacks.

Council Expectations

The council is expected to:

Strengthen cooperation among member organizations
Improve efficiency in cyber-risk management
Promote information sharing to combat emerging threats

As Namibia continues to grapple with the growing menace of cybercrime, the establishment of this council is seen as a significant step towards ensuring the safety and integrity of its financial sector.