Somalia’s Financial Institutions Face Cybersecurity Threats
Somalia’s Financial Sector at Risk from Cyber Attacks
Somalia’s financial institutions are facing a significant threat from cyber attacks, with hackers targeting sensitive information and disrupting financial transactions. The country’s Ministry of Finance has sounded the alarm, warning that the financial sector is particularly vulnerable to cyber threats.
Lack of Adequate Cybersecurity Measures Exposes Financial Institutions to Hackers
According to sources within the ministry, Somali financial institutions lack adequate cybersecurity measures, making them an easy target for hackers. The situation is further complicated by the country’s fragile infrastructure and limited resources.
Federal Government Launches Nationwide Initiative to Boost Cybersecurity Awareness
The Federal Government of Somalia has responded to the threat by launching a nationwide initiative to boost cybersecurity awareness among financial institutions. As part of this effort, the Ministry of Finance is seeking the services of a cyber security advisor to provide technical assistance and guidance on cybersecurity matters.
Key Responsibilities of the Cyber Security Advisor
- Providing guidance on cybersecurity programs for member states, including establishing systems to counter criminal activities committed over the internet
- Evaluating the impact of cybersecurity interventions and programs
- Assisting in the development of national strategies and legislation on cybersecurity
- Enhancing the capacities of authorities to investigate, prosecute and adjudicate cases of cybercrime
Additional Responsibilities
- Promoting accuracy and integrity of ICT data at the national, regional and continental levels
- Identifying gaps in evidence and suggesting priority research areas in the field of cybersecurity
- Designing a model for cybersecurity capacity building that takes into consideration all aspects (policy, technology, skills development) and can be easily adapted to local needs
- Providing guidance on online privacy and personal data protection issues
- Developing comprehensive national sensitization programs
- Sharing best practices on critical and internet infrastructure security
Requirements for the Cyber Security Advisor Position
- Postgraduate degree in information or network security
- Minimum of 10 years’ experience in ICT security leadership
- Relevant experience in the field of ICT, working in an ICT regulator, international organization, consultancy, telecommunications operator or similar environment
Duration and Outputs of the Advisor’s Work
The advisor will be required to work for 12 months and deliver a range of outputs, including:
- Just-in-time technical assistance
- An overall cybersecurity strategy and work plan
- Consolidated weekly, monthly and quarterly status reports
- Support drafting of guidelines, regulations and bylaws to assist the NCA in cybersecurity programs
Call to Action: Strengthen Cybersecurity Defenses Now
The Ministry of Finance is urging financial institutions to take immediate action to strengthen their cybersecurity defenses and prevent attacks. The country’s financial sector can ill afford a breach of its security systems, as this could have severe consequences for the economy and national stability.