Cybercrime Plagues Lebanon’s Finance Industry: Officials Warn

A Growing Concern for the Financial Sector

Beirut - The war against cybercrime is far from won, warned Central Bank Governor Riad Salameh at a recent conference on combating the scourge. Cybercrime has evolved into a major concern for Lebanon’s financial sector, as hackers target bank accounts, financial data, and personal statements.

Evolving Threats and Challenges

Governor Salameh highlighted that cybercrime is no longer just a regulatory issue but a technical one, requiring cooperation between government agencies, banks, and the private sector to effectively combat it. He emphasized that confronting those behind these crimes is now a top priority for international circles.

Efforts to Combat Cybercrime in Lebanon

The Lebanese banking sector has taken steps to address the issue, including organizing conferences to raise awareness and issuing recommendations to combat cybercrime. These efforts have helped limit the spread of such crimes in some cases, and in others, banks were able to recover stolen funds.

• The Special Investigation Commission (SIC) has released a guidebook on countering electronic crimes, in collaboration with the Central Bank, security forces, and the Association of Banks in Lebanon.
• The SIC head, Abdul-Hafez Mansour, noted that cybercrimes have increased significantly in Lebanon over the past three years, with 137 cases reported so far this year valued at $8.5 million.

International Cooperation and Global Impact

The head of the Internal Security Forces, Maj. Gen. Ibrahim Basbous, called on the government to join international treaties aimed at combating cybercrime to achieve effective results. He stressed that closing ranks between government agencies, banks, and the private sector is crucial in tackling this growing threat.

• The total cost of cybercrime worldwide has reached a staggering $500 billion, according to Faysal Abu Zaki, deputy CEO of Al-Iktissad Wal Amal group.
• Basbous urged greater cooperation with the private sector, which often possesses critical digital evidence.

A National Strategy for Lebanon

The conference emphasized that a national strategy is needed in Lebanon to combat this growing phenomenon. As cybercrime continues to plague the financial industry, officials are urging greater collaboration and international cooperation to address this serious issue globally.