Financial Crime World

Namibia’s Cybersecurity Challenges: A Threat to Financial Services

Introduction

Namibia’s financial services sector is under threat from cyber attacks, with a lack of cybersecurity awareness and infrastructure hindering the country’s ability to protect its digital landscape.

Threat Intelligence Gaps

  • The country lacks a national center for identifying vulnerabilities and threats, communication to stakeholders, and continuous monitoring of threats, attacks, and vulnerabilities.
  • This has led to a lack of detailed and reliable cyber crime threat information specific to Namibia, making it difficult for organizations to understand the risks and develop effective strategies.

Low Cybersecurity Awareness

  • Cybersecurity awareness is low in rural and limited-access populations, with many people lacking knowledge about online threats and how to protect themselves.
  • The Fiber to the Village project has increased internet access, but this has also led to an increase in cyber risks for those who are new to online activities.

National Cybersecurity Strategy

  • In response to these challenges, the Namibian government launched a National Cybersecurity Strategy and Awareness Creation Plan in 2023.
  • The plan aims to:
    • Protect critical information infrastructure
    • Educate the public about cybersecurity risks
    • Collaborate with public and private entities on cybersecurity
  • The Ministry of Information and Communication Technology has signed a memorandum of understanding with SALT Essential IT to develop and deliver cybersecurity training to government employees.

Private Sector Partnerships

  • To improve cybersecurity awareness and skills, partnerships between the public and private sectors are necessary.
  • However, there is a lack of organizations in Namibia that focus on developing in-house security skills and awareness.
  • Programs built for South Africa may not be suitable for Namibia due to cultural and language differences.

Targeted Solutions

  • Namibia needs targeted solutions to build up its cybersecurity capabilities, especially considering the country’s low levels of digital inclusion and literacy.
  • Establishing a network of private and public entities for information-sharing and initiating actionable response could help improve the country’s cybersecurity posture.

Conclusion

Namibia’s financial services sector is vulnerable to cyber attacks due to a lack of cybersecurity awareness and infrastructure. To address these challenges, the government has launched a national cybersecurity strategy and awareness creation plan. However, more needs to be done to improve cybersecurity skills and awareness, particularly in rural and limited-access populations. Private sector partnerships and targeted solutions are necessary to build up Namibia’s cybersecurity capabilities and protect its financial services sector from cyber threats.