Namibia has established a cyber security council that would act as a useful forum for discussions and developing operational strategies to tackle cybercrime in banking and non-bank financial institutions.
According to the second Deputy Governor of the Bank of Namibia, Leonie Dunn, the council would ensure that the issues around cyber security within the sector are given the priority they actually deserve.
“The council aims to create a common approach, improve maturity levels of cybersecurity within the Member Organizations, and the financial sector at large by enabling leaders in information security to share their knowledge within and across firms, among other ways. It will improve efficiency in cyber-risk management as institutions can leverage each other,” Leonie Dunn said.
According to Dunn, this would be accomplished by collaborating to implement a cyber strategy for the Namibian financial industry, sharing best practices for managing cyber risk, and discussing information about cybersecurity threats, loopholes, and occurrences.
“The world is becoming more and more interconnected. Increased connectivity also leads to exposure to greater vulnerability. Information leaks, security breaches, hacks, data theft, and other cyber-attacks are becoming more and more common,” Leonie Dunn said.
Dunn claimed that as a result, the Namibian government is working to finalize its cybercrime-related laws, including the drafts of the Data Protection Bill and the Cybercrime Bill.
“Working with all members, we can give strong support to sound public policies in Namibia and elsewhere that are designed to enhance cyber security. As a council, we will also be able to share information and intelligence and raise awareness of cyber threats, vulnerabilities, and incidents between Member Organisations, and provide strategic advice and guidance on handling these threats,” Leonie Dunn said.
The council comprises information and cyber security experts from commercial banks, non-bank financial firms, important financial market infrastructures, financial industry associations, agencies that oversee the financial sector, and other regulators.
In 2021, Namibian firms suffered an average of 1,382 cyberattacks a week. This number is 49% more than the worldwide average of 930 during the same period. To safeguard banks against malware attacks, Namibia is developing a national cyber security policy.
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