Financial Crime World

Liberia on High Alert: The Growing Threat of Cybercrime in the Banking Sector

Introduction

Monrovia, Liberia - As the banking sector in Liberia continues to grow, it has become a prime target for cybercrime threats. With the country’s increasing reliance on technology and the internet, the threat of cyberattacks has become a major concern for financial institutions.

The Vulnerability of Liberia’s Banking Sector

Liberia’s vulnerability to cybercrime is compounded by several factors, including:

  • A lack of awareness about cybercrime
  • The absence of a national legal and regulatory framework
  • An outdated ICT infrastructure that needs to be rebuilt and improved to meet modern standards

Efforts to Address the Threat

Despite these challenges, efforts are being made to address the growing threat of cybercrime in Liberia’s banking sector. These include:

Public Awareness Campaigns

The Ministry of Post & Telecommunications is conducting public awareness and sensitivity campaigns to sensitize stakeholders on cybersecurity.

Cybersecurity Forums

LIBTELCO hosted the First Cyber Security Forum to deliberate on the establishment of a national cybersecurity strategy against external invaders.

Banking Sector Initiatives

The Central Bank of Liberia has developed policies aimed at preventing or mitigating the effects of cybercrime. The bank’s Cyber Security Policy is a formal set of rules governing authorized users of different technologies and systems to protect technology and information assets used to facilitate work.

What’s Next?

To effectively address the growing threat of cybercrime in Liberia’s banking sector, there needs to be:

  • Increased training in technical and legal human capacity to provide expertise in dealing with cybercrime
  • A rebuild and improvement of Liberia’s ICT infrastructure to meet modern standards
  • Collaboration between the government, private sector, and international partners to promote public awareness campaigns, strengthen cybersecurity measures, and develop legislation that will protect against cyber threats.