Namibia on Monday launched a cyber security council that will serve as an effective platform through which the banking and non-bank financial sectors can facilitate discussion and formulate operational approaches for participants to combat cyber fraud.
Leonie Dunn, the second deputy governor of the Bank of Namibia, said at the launch in the Namibian capital of Windhoek that the council will help ensure a large set of issues around cyber security within the industry receive the necessary priority that they 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,” she said.
This will be done by working together to roll out a cyber strategy for the Namibian financial sector as well as sharing best practices on cyber-risk management and sharing information regarding cybersecurity threats, vulnerabilities, and incidents, she said.
“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,” she said.
She said the Namibian government is thus in the process of finalizing its cybercrime-related legislation, which includes the draft Cybercrime Bill and the draft Data Protection 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,” she said.
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.
According to a report released by Check Point Research this year, Namibian businesses suffered an average of 1,382 cyber attacks each week in 2021, which, compared to the global figure of 930 within the same period, translates to Namibian businesses dealing with 49 percent more cyber threats.
Namibia, meanwhile, is working on a national cyber security strategy to protect banks from malware attacks.
