Cybercrime Soars in Lebanon’s Finance Sector Amid Government Inaction

Beirut, Lebanon: A Growing Threat to Economic Stability

As Lebanon struggles to contain a crippling economic crisis, a growing threat is emerging from the shadows: cybercrime. With its finance sector increasingly vulnerable to hacking and data breaches, the country’s policymakers are facing mounting pressure to address the issue.

The National Lebanese Strategy for Cybersecurity

In August, the cabinet adopted the National Lebanese Strategy for Cybersecurity, marking a significant step towards addressing this menace. The strategy focuses on eight pillars:

• Defending against external threats: Protecting Lebanon’s digital infrastructure from cyberattacks and data breaches.
• Fostering international cooperation: Collaborating with other countries to share best practices and expertise in cybersecurity.
• Expanding state capacity: Enhancing the government’s ability to respond to cyber threats and implement effective cybersecurity measures.
• Bolstering Lebanon’s industrial and technical capacity: Developing indigenous cybersecurity capabilities to reduce reliance on foreign expertise.

Implementing the Strategy: A Daunting Task

Implementing the strategy will be a daunting task, particularly given the country’s fragile political situation. The resignation of Prime Minister Saad Hariri in October sparked nationwide protests and further destabilized an already troubled government.

“We need a functional government to implement the cybersecurity strategy,” said Lina Oueidat, Lebanon’s ICT coordinator, who played a key role in drafting the plan. “Without it, we’ll be facing significant challenges.”

The Finance Sector: A Prime Target for Cybercriminals

The finance sector is particularly vulnerable to cyberattacks, with hackers exploiting weaknesses in Lebanese banks’ online systems. In 2020, a major bank suffered a high-profile data breach, exposing sensitive information of thousands of customers.

“The finance sector is a prime target for cybercriminals,” said Sevan Araz, a cybersecurity expert at the Middle East Institute. “If Lebanon wants to prevent more breaches and protect its citizens’ financial data, it needs to take immediate action.”

International Support: A Crucial Factor

The European Union has been actively involved in helping Lebanon develop its cybersecurity capabilities, providing funding and expertise through programs such as CyberSouth. However, experts warn that more needs to be done to ensure the strategy’s success.

“The EU’s support is crucial, but we need a sustained effort from the Lebanese government to implement the strategy,” said Oueidat. “We also need to develop indigenous cybersecurity capabilities to reduce our reliance on foreign expertise.”

A Call to Action

As Lebanon navigates its economic and political crisis, addressing cybercrime must become a priority. The country’s policymakers must work together to ensure that the finance sector is protected from the growing threat of cyberattacks.

“We can’t afford to wait,” said Araz. “The consequences of inaction will be severe, and it will have far-reaching impacts on Lebanon’s economy and citizens’ trust in institutions.”