Financial Crime World

Financial Institution Cybersecurity Best Practices in Liberia

Liberia, a country with a total population of approximately 4.2 million people, has been identified as having significant vulnerabilities in its financial institution cybersecurity landscape. With an internet penetration rate of only 4.6%, the country is highly dependent on traditional banking systems and lacks robust digital infrastructure.

Challenges in Financial Institution Cybersecurity

  • Liberia does not have any officially recognized national legislation pertaining to cybercrime.
  • The Economic Community of West African States (ECOWAS) Directive on Cybercrime has been transposed into local telecommunications law, which is currently awaiting legislative approval.

Technical Measures

  • Liberia lacks a centralized incident response team (CIRT).
  • There are no internationally recognized national cybersecurity frameworks for implementing standards in financial institutions.
  • No approved certification and accreditation programs exist for national agencies and public sector professionals.

Organizational Measures

  • The Government of Liberia CIO program is responsible for implementing a national cybersecurity strategy, policy, and roadmap.
  • However, there is no officially recognized national governance roadmap for cybersecurity or benchmarking exercises to measure cybersecurity development.

Capacity Building

  • Initiatives exist to develop standardization, manpower, and professional certification programs in cybersecurity.
  • Liberia participates in international cooperation efforts through organizations such as the International Telecommunication Union (ITU).

Child Online Protection

  • Legislation has been enacted on child online protection through the Children Law (Section 18.16).
  • However, institutional support and reporting mechanisms for incidents related to child online protection are lacking.

Conclusion

Liberia faces significant challenges in its financial institution cybersecurity landscape. The lack of robust digital infrastructure, inadequate legal frameworks, and limited technical measures leave the country vulnerable to cyber threats. Addressing these vulnerabilities will require a concerted effort from both public and private sectors to build capacity, improve awareness, and enhance cybersecurity best practices.

Recommendations

Improve Cybersecurity Best Practices

  1. Develop and Implement a Comprehensive National Cybersecurity Strategy: Create a framework for coordinating cybersecurity efforts across the country.
  2. Establish a Centralized Incident Response Team (CIRT): Coordinate responses to cyber incidents and provide support to affected organizations.
  3. Implement Internationally Recognized Standards: Establish standards for cybersecurity in financial institutions and ensure compliance with international best practices.
  4. Enhance Capacity Building Initiatives: Provide training programs, professional certification, and accreditation opportunities for national agencies and public sector professionals.
  5. Establish Reporting Mechanisms for Child Online Protection Incidents: Ensure that incidents related to child online protection are reported and addressed promptly.

By implementing these recommendations, Liberia can improve its financial institution cybersecurity landscape and reduce the risk of cyber threats.