Financial Institutions Face Cybersecurity Threats in Namibia
The banking sector in Namibia has been grappling with a significant challenge: managing cybersecurity risks. As cyber-attacks worldwide have increased rapidly, banks have become prime targets, putting sensitive data and organisational security at risk.
The Problem
According to experts, the absence of a recognized cybersecurity framework that can safeguard online transactions between banks and customers is exacerbating the problem. This lack of a standard framework makes it challenging for financial institutions to protect themselves against cyber threats.
Cybersecurity Risks in Namibia
- Rapid increase in cyber-attacks worldwide
- Banks are prime targets, putting sensitive data and organisational security at risk
- Absence of a recognized cybersecurity framework that can safeguard online transactions
The Solution
In response to these challenges, researchers have developed the Namibia Banking Cybersecurity Framework (NBCF) to guide banking institutions in protecting financial data. The NBCF proposes essential elements for a cybersecurity framework, including:
Essential Elements
- Data protection and privacy
- Human factors such as soft skills
- Principle of Least Privilege
- Public knowledge on information security practices
- Disaster recovery documentation
- Cyber breach simulations
Methodology
The study involved conducting semi-structured interviews with staff from six out of ten licensed banks in Namibia, using the purposive sampling method. The researchers adopted a qualitative research approach using the Design Science Research Methodology (DSRM).
Expert Review
Experts have reviewed the proposed framework and found it to be:
- Relevant: applicable to combating cybersecurity issues in the Namibian banking sector
- Applicable: can be implemented by financial institutions
- Usable: provides practical guidance for implementing cybersecurity measures
- Understandable: clear and easy to comprehend
The Future of Cybersecurity in Namibia
The NBCF is envisioned as a guideline for Namibian banks to build cyber resiliency, manage risks, and implement rigorous cybersecurity programmes. The framework also complements current government initiatives and long-term goals such as Vision 2030’s infrastructure development strategy.
Benefits
- Provides a much-needed framework for banks to ensure the security of online transactions
- Protects sensitive data and organisational security
- Enhances cyber resiliency and risk management in the Namibian banking sector
As the Namibian banking sector continues to face growing cybersecurity threats, it is crucial that financial institutions adopt best practices in managing these risks. The NBCF provides a much-needed framework for banks to ensure the security of online transactions and protect sensitive data.