Financial Crime World

Post-Conflict Countries Struggle to Secure Digital Financial Services

As developing countries emerge from conflict, securing their digital financial services is a daunting task. A recent review of international cybersecurity frameworks has identified key measures that can advance the security and resilience of these services.

Challenges in Securing Digital Financial Services

The Central African Republic, Liberia, Somalia, and Afghanistan are among the post-conflict countries struggling to secure their digital financial services. An analysis of these countries’ efforts reveals a mixed bag of progress, with some making significant strides while others lag behind.

Technical Measures

Digital identification systems are critical for securing digital financial services. The Central African Republic plans to use blockchain technology, while Afghanistan, Liberia, and Somalia have implemented biometric identification systems.

  • Public Key Infrastructure (PKI) is another essential component. PKI ensures the authentication, distribution, and revocation of digital certificates.
  • Afghanistan has established a national PKI, while others are still in the planning stages.

Electronic transaction laws and cybercrime policies are crucial for securing digital financial services. Liberia has enacted an Electronic Transaction and Electronic Signature law, while Afghanistan has implemented a National Cybersecurity Policy.

  • However, Somalia lacks a comprehensive legal framework to govern its digital financial services.

Cybersecurity Challenges

Post-Conflict countries face unique cybersecurity challenges. The Central African Republic’s lack of PKI policy and e-government services makes it vulnerable to cyber threats.

  • Liberia’s reliance on commercial providers for PKI adds complexity to its security landscape.
  • Afghanistan’s national PKI infrastructure is a step in the right direction, but it still faces challenges in promoting confidence in electronic transactions and services.
  • Somalia’s use of free domain validation certificates from Let’s Encrypt provides some level of security, but it is not enough to safeguard its digital financial services.

Conclusion

Securing digital financial services is critical for post-Conflict countries. While some progress has been made, more needs to be done to ensure the resilience and security of these services. International cybersecurity frameworks can serve as a guide for these countries, but they must also adapt these measures to their unique context.

  • The Central African Republic, Liberia, Somalia, and Afghanistan must prioritize the implementation of digital identification systems, public key infrastructure, and legal measures to secure their digital financial services.
  • Only then can they build trust in electronic transactions and services, and ultimately, drive economic growth and development.