Developing a cybersecurity framework for the banking sector of Namibia
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Date
2021-08-20
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Namibia University of Science and Technology
Abstract
The banking sector represents a vast assortment of firms, agencies and institutions with
operations ranging from small community banks to massive international corporations.
Managing the banking sector in Namibia presents a herculean task to regulators charged with its
regulation oversight on cyber risks. The management of cybersecurity takes on greater
complexity in considering multinationals with global partners and operations in countries with
varying levels of cybersecurity sophistication. With the increase of cyber-attacks worldwide and
banking institutions being key targets, the degree of risks from cybersecurity threats that banks
are facing has grown rapidly in recent years. The increasing threats place sensitive data and
organisational security at risk. This is exacerbated by the absence of a recognised cybersecurity
framework that can safeguard the online transactions of financial data between banks and
customers in the banking sector. To overcome these problems, a Namibia Banking Cybersecurity
Framework (NBCF) to guide banking institutions in safeguarding the online transactions of
financial data between banks and customers was developed. A qualitative research approach
using the Design Science Research Methodology (DSRM) was adopted to address the research
objectives. This research was conducted in the commercial banks of Namibia and involved their
staff. In addition to data collected from literature reviews, data were also collected from a sample
of 6 out of 10 licenced banks in Namibia using semi-structured interviews. The selection of the
banks was done using the purposive sampling method and universally accepted ethical standards
were considered. Data were analysed through a technique known as coding. The study identified
various elements which are essential for a cybersecurity framework: data protection and privacy,
human factors such as soft skills, Principle of Least Privilege (POLP), public knowledge on
information security practices, aspect of disaster recovery documentation, and cyber breach
simulations. The NBCF framework is proposed as a guideline on how the Namibian banking
institutions can securely build cyber resiliency, manage their cyber risks and strategies and also
help in implementing an appropriate level of rigor for their cybersecurity programmes. The NBCF
framework should therefore guide the adoption of cybersecurity best practices in the Namibian
banking sector. In addition, the framework is envisaged to complement the current Namibian
government initiatives and the long-term goals of Vision 2030 such as the strategy of attaining
infrastructure development as stated in the Harambee Prosperity Plan which highlights the
urgent necessity to invest in cybersecurity. Expert reviews of the proposed framework were
conducted and they yielded that the framework is relevant, applicable, usable and
understandable in combating cybersecurity issues in the Namibian banking sector.
Description
Keywords
Cybersecurity, framework, financial sector
Citation
Nawa, E.T. (2021). Developing a cybersecurity framework for the banking sector of Namibia [Master’s thesis, Namibia University of Science and Technology] Namibia University of Science and Technology Ounongo Repository.