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Cybercrime in Finance Industry in Lebanon: A Growing Concern Amidst Political Uncertainty

The Lebanese government has adopted a National Lebanese Strategy for Cybersecurity to combat the growing threat of cybercrime in the finance industry. The strategy aims to strengthen the country’s defenses against external and internal threats, foster international cooperation, and promote exports of local cybersecurity companies.

Key Components of the Strategy

• Preparation of a Cybersecurity Strategy: This section rests on eight pillars, including:
  • Defending against external threats
  • Expanding state capacity to support ICT development
  • Promoting collaboration between public and private sectors
• Establishment of a National Cybersecurity Agency: The agency will be established under the auspices of the Higher Defense Council to oversee the long-term implementation of the plan.

International Cooperation

The European Union played a critical role in bringing the cybersecurity strategy to fruition through its joint project with the Council of Europe, CyberSouth. The EU has pledged funds for the implementation of the strategy over four years, which will insulate it from austerity measures.

Indigenous Cybersecurity Capabilities

Lebanese policymakers are pushing for the development of indigenous cybersecurity capabilities, including: + Talks with the International Telecommunication Union to secure financial and technical assistance for a homegrown computer emergency response team + Development of a cyber risk assessment tool + Streamlining security operations center services for government agencies and critical infrastructure

Challenges Ahead

Experts warn that bolstering Lebanon’s feeble data privacy laws is an ideal starting point to ensure the durability of the cybersecurity initiative. With cybercrime in the finance industry on the rise, it remains to be seen how effectively Lebanon will implement its new cybersecurity strategy amidst ongoing political uncertainty.

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