Namibia Tackles Cyber Fraud in Finance Sector with New Council

In an effort to combat the growing threat of cyber fraud, Namibia has launched a new cybersecurity council aimed at bringing together key stakeholders in the financial sector to share knowledge and best practices in preventing and managing cyber-attacks.

Launch of the Cybersecurity Council

The council was launched on Monday in Windhoek, capital of Namibia. According to Leonie Dunn, Second Deputy Governor of the Bank of Namibia, the council will facilitate discussion and formulate operational approaches for participants to combat cyber fraud.

The Importance of Collaboration

Dunn emphasized the importance of a collaborative approach in tackling cyber threats. She cited the need for financial institutions to work together to share information and intelligence on cybersecurity threats, vulnerabilities, and incidents. The council will also provide strategic advice and guidance on handling these threats.

The Namibian government is finalizing its cybercrime-related legislation, including the draft Cybercrime Bill and the draft Data Protection Bill. The new council will support sound public policies in Namibia and elsewhere designed to enhance cybersecurity.

Council Composition

The council comprises 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.

Cyber Threats in Namibia

According to a report by Check Point Research, Namibian businesses suffered an average of 1,382 cyber attacks each week in 2021. This translates to 49% more cyber threats compared to the global figure. The new council aims to address this growing concern and protect banks from malware attacks through a national cybersecurity strategy.

Goals of the Council

The launch of the cybersecurity council is seen as a significant step towards strengthening Namibia’s financial sector against cyber threats and fraud. By bringing together key stakeholders, the council hopes to:

Create a common approach to improving cybersecurity maturity levels within the industry
Leverage each other’s expertise in managing cyber risks
Share knowledge and best practices in preventing and managing cyber-attacks

The council’s efforts aim to protect Namibia’s financial sector from the growing threat of cyber fraud, ensuring the safety and security of its citizens’ financial information.