Cybercrime Threats Loom Large in Liberia’s Finance Sector

As Liberia’s economy continues to grow and its reliance on technology increases, so too does the threat of cybercrime. The country’s financial sector, which includes banks and mobile operators, has become a prime target for hackers.

A Recent Example of Cybercrime in Liberia

In 2016, one of Liberia’s leading mobile operators, MTN Liberia, was attacked by malware, disrupting government applications and hampering banking and financial services. This attack highlights the urgent need for Liberia to implement measures to prevent and mitigate cyber-attacks.

Liberia’s Vulnerability to Cybercrime

Liberia’s vulnerability to cybercrime is compounded by a lack of awareness and a national legal and regulatory framework. However, some entities are taking steps to address this issue.

Public Awareness Campaigns and Training

The Ministry of Post and Telecommunications, with assistance from the Digital Liberia Project, plans to launch public awareness campaigns to sensitize stakeholders on cybersecurity.

The Liberia Telecommunications Corporation (LIBTELCO) hosted the First Cyber Security Forum, which focused on creating awareness about cyber security and its implications for government, business, and society.
The forum also discussed the establishment of a national cybersecurity strategy against external invaders.

Despite recognizing the threat posed by cybercrime, Liberia lacks a national law addressing the issue. However, some institutions have developed policies aimed at preventing or mitigating the effects of cybercrime.

The Central Bank of Liberia has a Cyber Security Policy that outlines rules for authorized users to protect technology and information assets.
The Ministry of Post and Telecommunications has also developed a National Telecommunications and ICT Policy (2010-2015), but it does not discuss elements related to cyber offenses and cybercrime.

Drafting a Law on Cybersecurity

To address this gap, the Liberia Telecommunications Sector is drafting a law that transposes provisions of the ECOWAS Supplementary Act on Cyber Security. The draft law aims to provide a legal basis for prosecuting perpetrators of cybercrime in Liberia. Once completed, it will be submitted to the National Legislature for enactment into law.

Combating Cybercrime Effectively

To combat cybercrime effectively, Liberia needs assistance in rebuilding and improving its ICT infrastructure to meet modern standards. Additionally, there is a need for increased training in technical and legal human capacity to provide expertise in dealing with cybercrime.

Technical assistance for trained Liberians in cyber-attack prevention and remedy is highly desired.
International cooperation and knowledge sharing can help Liberia benefit from effective operations on laws on cybersecurity and contribute to the formulation and implementation of legislation that will be in harmony with regional cybersecurity legislation.