Financial Crime World

Cyber Security Council Launched in Namibia to Combat Growing Threats

Namibia has launched a Cyber Security Council to combat the increasing threat of cyber fraud and improve cybersecurity within the financial sector. The council was launched on Monday in Windhoek, providing a platform for banks and non-bank financial institutions to discuss and formulate strategies to combat cyber threats.

Mission and Objectives

The council aims to:

  • Create a common approach to cybersecurity within the industry
  • Improve maturity levels of cybersecurity among member organizations
  • Facilitate information sharing on cybersecurity threats, vulnerabilities, and incidents

According to Leonie Dunn, second deputy governor of the Bank of Namibia, “The world is becoming more interconnected, which leads to greater vulnerability.”

Cybersecurity Threats in Namibia

Namibia’s financial institutions are under increasing threat from cyber attacks. According to a report by Check Point Research, businesses in the country suffered an average of 1,382 cyber attacks each week in 2021, representing a 49 percent increase compared to the global average.

Council Structure and Functionality

The council is comprised of cyber and information security specialists from:

  • Financial sector regulatory bodies
  • Other regulators
  • Critical financial market infrastructures
  • Financial sector associations
  • Commercial banks
  • Non-bank financial institutions

The council will work closely with these stakeholders to roll out a cybersecurity strategy for the Namibian financial sector, share best practices on cyber-risk management, and facilitate information sharing on cyber threats.

Government Support

The government is finalizing its cybercrime-related legislation, including the draft Cybercrime Bill and the draft Data Protection Bill. The council will play a crucial role in sharing information and intelligence on cyber threats and raising awareness of these threats among member organizations.

As emphasized by Dunn, “Working together, we can give strong support to sound public policies designed to enhance cybersecurity.”

By working together, the Cyber Security Council aims to create a more secure and resilient financial sector for Namibia.