The Bank of Namibia has launched the Financial Industry Cybersecurity Council for the Namibian financial sector.
The cyber security council will ensure that a variety of industry-related concerns such as information exchange and cyber security issues are key priority.
Cybersecurity has grown increasingly crucial as the financial sector relies more and more on information technology and as the interconnection of systems grow.
A study done by Deloitte finds that Namibia is one of the top most vulnerable countries in the world to cybercrime, due to a lack of security to protect the country against what has proven to be one of the strongest growing criminal acts on the planet.
MICT Deputy Director, Fillemon Johannes said the increasing cyber crime puts a lot of pressure on our digital systems, and applications in terms of safeguarding our digital assets, if attention is not paid to security, the cyber criminals will defeat the purpose of efforts towards digital participation and the integrity of our nation's critical digital infrastructure."
While Namibia is still not yet guaranteed protection against the act of cybercrime, leading bodies are doing what they can to keep on top of the game.
Bank of Namibia's Deputy Governor, Leonie Dunn said enabling protection must stretch beyond strengthening our individual and strengthen as a collective all institutions. It is pertinent for all of us in this venue to prioritize and dialog to prevent a systemic nature of cyber risks, and this is what we will be bestowing on this council today.
The Council comprises of representatives from various financial institutions, regulatory authorities as well as industry players.