Here is the converted article in markdown format:

Financial Institutions Face Growing Cybersecurity Threats in Namibia

The banking and non-banking financial sectors in Namibia are increasingly vulnerable to cybersecurity threats, with the risk of cyber fraud on the rise.

A Need for Collective Action

The Financial Industry Cybersecurity Council has been launched to provide a platform for industry players to share best practices, intelligence, and expertise. The council is comprised of cyber and information security specialists from financial sector regulatory bodies, other regulators, critical financial market infrastructures, financial sector associations, commercial banks, and other non-bank financial institutions.

Cybersecurity Risks in the Financial Sector

The financial sector’s reliance on information technology and interconnectedness of systems has created new vulnerabilities that can lead to instability in the financial system. The council recognizes that cyber risk poses a system-wide risk due to macro-vulnerabilities, technological dependencies, and mutual dependencies.

Sharing threat information is crucial in preventing system-wide compromise of data and information systems. The council will facilitate the exchange of knowledge about threats, incidents, vulnerabilities, mitigations, leading practices, or tools relevant to a technology-based or technology-leverages risk set.

Cybersecurity Risk Management

Cyber-risk management involves identifying, analyzing, evaluating, and addressing an institution’s cybersecurity threats. The council aims to promote awareness of cybersecurity threats and provide a platform for information sharing and threat intelligence.

A Growing Concern

The past decade has seen a significant rise in cyber threats, including:

Theft of credit card information
Migration of attacks from PCs to non-PC platforms
Multifaceted attacks
Online extortion

The financial industry is increasingly vulnerable to these threats, with phishing and social engineering attacks on the rise.

What’s Next?

As cybersecurity threats continue to evolve, it is essential for financial institutions in Namibia to stay ahead of the curve. The Financial Industry Cybersecurity Council provides a platform for collaboration, information sharing, and expertise exchange to mitigate these risks and ensure a more secure financial industry.