Financial Crime World

Cybercrime in Finance Industry Haunts Namibia

The Rise of Digital Payments and Cybersecurity Concerns

The Bank of Namibia has launched a Financial Industry Cybersecurity Council to combat cyber fraud within the industry, following the rapid growth of digital payments in the country’s financial sector. The council aims to foster conversations and develop strategies to tackle data leaks, Secure Sockets Layer (SSL) security, and phishing.

Accelerated Acceptance of Digital Payments

Speaking at the launch event, Bank of Namibia Deputy Governor Leonie Dunn highlighted that the COVID-19 pandemic has accelerated the acceptance of the 4th Industrial Revolution, with digital payments becoming more pervasive in Namibia’s financial sector. “Cyberspace is an integral aspect of our lives, from information flow to money movement within our financial system,” she said.

Cooperation and Coordination Key to Cybersecurity

Dunn emphasized that cooperation and coordination will increase cybersecurity stretches and secure individual institution security, despite the evolving nature of cyber threats. She also welcomed national developments aimed at building resilience and capabilities in cybersecurity, including a national cybersecurity response plan and draft legislation.

Objectives of the Council

  • Examine problems such as data leaks, SSL security, and phishing
  • Ensure that cybersecurity issues within the financial industry receive necessary priority from all players
  • Convene meetings of experts to share knowledge and devise strategies to mitigate sector-wide threats and vulnerabilities

The Working Group

The working group consists of cyber and information security specialists from:

  • Regulatory bodies
  • Critical financial market infrastructure
  • Financial sector associations
  • Commercial banks
  • Non-banking financial entities

History of Cybersecurity Efforts in Namibia

According to Romeo Nel, Director of Banking Supervision, the Bank created rules in 2018 called the Determination of Information Security to address the absence of adequate cybersecurity in the banking sector. However, it soon became clear that a collaborative approach was needed to effectively tackle cybercrime across the entire financial sector.

The Future-Focused Plan

The council’s information-sharing platform is expected to enhance the financial sector’s cyber maturity, resulting in a future-focused plan for the industry to tackle cybercrime.