Cybercrime Haunts Botswana’s Finance Industry
A growing concern has emerged in Botswana’s finance sector as cybercrime continues to plague the industry, causing financial losses and compromising sensitive customer data.
Rise in Cybercrime Cases
According to the Botswana Police Service, a total of 143 cases were recorded between 2015 and 2018, with 56 registered cases by September 2018 alone. The figures are alarming, and experts warn that if left unchecked, cybercrime has the potential to cripple an economy or even close down a company.
Vulnerability of Finance Industry
The finance industry is particularly vulnerable to attacks due to the large amounts of digital assets and sensitive customer data held by financial institutions. Cybercriminals can monetize personally identifiable information and credit card data in the underground economy once they gain access to it.
- Financial institutions are prime targets for cybercriminals.
- Large amounts of digital assets and sensitive customer data are at risk.
- Cybercriminals can profit from stolen information and credit card data.
Challenges Facing Botswana
Government agencies are also frequent targets, holding vast amounts of sensitive information including personnel records, budgetary data, and sensitive communications. The lack of certified digital forensic examiners is another challenge facing Botswana, with less than 30 certified practicing examiners in the country, most of whom are employed by law enforcement agencies.
- Government agencies hold significant amounts of sensitive information.
- Lack of certified digital forensic examiners hinders prosecution of cybercrime cases.
- Inadequate attention to gaps in cyber infrastructure poses devastating consequences.
Meeting to Address Cybersecurity Concerns
Stakeholders are expected to meet this Thursday to appraise each other on progress made with regards to cyber security, challenges faced, and lay out a plan for 2019. The meeting will also focus on the National Cyber Security Strategy (NCS), which aims to provide a framework for a secure cyberspace in Botswana, raise awareness among the public, and build capacity to safeguard against cyber threats.
Impact of NCS
The development of the NCS is expected to enable government and other stakeholders to establish appropriate measures that ensure Confidentiality, Integrity, and Availability (CIA) of networks, systems, and data as ICT services are offered to the public. However, it remains to be seen whether the efforts will be enough to stem the tide of cybercrime in Botswana’s finance industry.
- The NCS aims to provide a secure cyberspace framework for Botswana.
- Raising awareness among the public is crucial in combating cyber threats.
- Building capacity to safeguard against cyber threats is essential.