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Cybersecurity Risks in Finance in Lebanon: A Growing Concern
A recent cabinet meeting in Lebanon highlighted the country’s growing concern over cybersecurity risks in finance. The National Lebanese Strategy for Cybersecurity was adopted by the council of ministers, marking a significant milestone in the country’s technology policy.
The Strategy
The strategy, which was six months in the making, focuses on two main areas: preparation of a cybersecurity strategy and establishment of a national cybersecurity agency. The first part of the strategy consists of eight pillars, including:
- Defense against external threats
- International cooperation
- Expansion of state capacity to support ICT development
Implementation Challenges
The second part of the strategy involves the establishment of an agency under the Higher Defense Council to oversee long-term implementation. However, due to political turmoil in the country, the rollout of the strategy has been pushed back, pending the formation of a new cabinet.
International Cooperation
The European Union played a critical role in bringing the cybersecurity strategy to fruition, providing financial support and technical assistance. The EU’s CyberSouth program aimed to foster legislation and policy to expand institutional capacity to manage digital threats.
Indigenous Capabilities
Lebanese policymakers are also pushing for indigenous cybersecurity capabilities, including:
- Development of a homegrown computer emergency response team
- A cyber risk assessment tool
- Boosting the number of cybersecurity professionals through training programs and establishing a Cyber Academy
Priorities
The adoption of a national cybersecurity strategy marks a major milestone in Lebanese technology policy. However, it is essential that policymakers tackle lingering policy gaps, including feeble data privacy laws.
As Lebanon builds on its nascent strategy and refines its cybersecurity doctrine, it would do well to prioritize strengthening its financial sector’s defenses against cyber threats. The country’s financial institutions must be equipped with the necessary tools and expertise to mitigate the growing risk of cyber attacks.
The Financial Sector
In an era where digital transactions are increasingly common, Lebanon’s finance sector is particularly vulnerable to cyber threats. The adoption of a comprehensive cybersecurity strategy is crucial to protecting the country’s financial infrastructure from these risks.
Lebanon’s financial sector must prioritize cybersecurity to ensure the continued stability and integrity of its financial system. A robust cybersecurity strategy will not only protect against cyber attacks but also boost investor confidence in the country’s economy.
Looking Ahead
As the country moves forward with implementing its cybersecurity strategy, it is essential that policymakers prioritize the development of indigenous cybersecurity capabilities and strengthen international cooperation to combat the growing threat of cybercrime.