Financial Crime World

Cybercrime on the Rise in Lebanon’s Finance Sector: Central Bank Launches Guide to Combat Threats

Alarming Statistics Reveal Spike in Cyberattacks

Lebanon is facing a growing threat of cybercrime, with alarming statistics revealing a significant spike in cyberattacks targeting the country’s financial institutions. According to data from Banque du Liban’s special investigations division, the number of hacking cases has increased dramatically over the past five years.

Key Statistics:

  • In 2011, the bank received only one hacking case worth $5,500.
  • In 2015, the number of hacking cases skyrocketed to 84, totaling $12 million in losses.
  • This year has seen an even higher number of cases, with a total of 137 incidents reported so far, valued at $8.5 million.

Guide Released to Combat Cybercrime

In a bid to combat this growing menace, Lebanon’s Central Bank and Interior Ministry have jointly released a comprehensive guide titled “Fighting Financial Cyber Crime”. This guide is seen as a crucial step towards raising awareness among financial institutions and the public about the importance of cybersecurity measures to prevent such attacks.

Key Features of the Guide:

  • Raises awareness about the importance of cybersecurity measures
  • Provides strategies for preventing cyberattacks
  • Offers guidance on how to detect and respond to cyber threats

Upcoming Forum to Discuss Strategies for Combating Cybercrime

The release of the guide is in preparation for the upcoming second edition of the “Forum to Fight Cyber Crime” set to take place in Beirut on November 29. This forum will bring together experts from the finance sector, law enforcement agencies, and other stakeholders to discuss strategies for combating cybercrime and protecting Lebanon’s economy from these threats.

Key Takeaways:

  • The forum will provide a platform for sharing best practices and experiences in combating cybercrime
  • It will facilitate collaboration among stakeholders to develop effective strategies for preventing cyberattacks
  • It will raise awareness about the importance of cybersecurity measures in the finance sector