Cyber-attacks becoming more common
BoN launches Security Industry Council
The Cyber Security Council is a public- private partnership and not a supervisory tool in any way.
Information leaks, security breaches, hacks, data theft and other cyberattacks are becoming more and more common.During February 2016, hackers targeted the central bank of Bangladesh and exploited vulnerabilities in the Society for Worldwide Interbank Financial Transactions (SWIFT), attempting to steal U$1 billion. While most transactions were blocked, U$101 million still disappeared.
The Bank for International Settlements as a standard setter noted that cyber-attacks are more frequent on larger firms and most prominent in the financial sector.
This incident served as a valuable lesson for the Bank of Namibia (BoN) as protecting the Namibian financial system is a responsibility that is not taken lightly.
These remarks were made by Romeo Nel, director of banking supervision at the Bank of Namibia, at the official launch of the Cyber Security Industry Council.
It is intended that the Council serve as an effective platform through which the banking and non-bank financial sectors can facilitate discussion and formulate operational approaches, either collectively or individually, for participants to combat cyber fraud.
Also speaking at the launch, deputy governor of the central bank Leonie Dunn made reference to a cyber-attack “WannaCry”, which affected over 200 000 computers in 150 countries world-wide with an estimated loss of US$4 billion.
Dunn noted that there are fast growing chains of interdependence between countries, cities, businesses and even individuals.
“From the sources and flow of information, to how finances flow within our financial system, the cyberspace is an intrinsic part of our lives just as the internet is.”
Dunn further pointed out that Namibia’s total number of Internet users reached an estimate of 1.3 million by December 2020, whereas the internet user’s growth percentage of Namibia is at 4.4 percent from 2000 to 2021.
Although that is a great thing, it is not without risks. Increased connectivity also leads to exposure to greater vulnerability.
Dunn stated that the Cyber Security Council is a public- private partnership and not a supervisory tool in any way. [email protected]