Cybersecurity in the Financial Sector: A Collective Responsibility

MEDIA RELEASE                            

Issued: 29 October 2024

The digital landscape presents both endless opportunities and growing threats to the financial sector as cybercriminals become increasingly sophisticated. With Cybersecurity Awareness Month coming to a close this October, Letshego Holdings Namibia urges customers, as well as employees across government, private, and financial sectors, to remain vigilant.

Cyberattacks including phishing emails, SMS scams (smishing), and social media impersonation are on the rise, targeting sensitive company or social media information to build profiles that enable access to bank accounts, personal devices, and workplace systems.

Phishing Attacks: A Persistent Threat to Financial Security

Phishing remains one of the most widespread and damaging cyber threats. Cybercriminals frequently impersonate trusted individuals or organisations to deceive people into sharing sensitive information, posing significant risks to individuals and institutions. "A breach of one customer’s account threatens the institution’s overall security and erodes the trust we work so hard to build," noted Morgan Beukes, IT Risk and Information Security Manager at Letshego Bank Namibia.

The Human Element: Strengthening Cyber Defenses

While technologies such as firewalls, antivirus software, encryption, and multi-factor authentication are essential, human awareness is equally critical. Financial institutions are increasingly investing in training for employees and customers to recognise potential cyber threats, as technology defences are only as strong as those using them.

Letshego Holdings Namibia encourages the public and financial sector employees to take advantage of available training resources online to develop skills in detecting and reporting suspicious activities. Recognising red flags, such as unsolicited requests for personal information or messages that create a false sense of urgency, is a vital part of promoting proactive cybersecurity practices.

Building Resilience: Why Awareness Matters

“Whether you are a customer or an employee, you are part of the financial defence system. The more informed we are, the safer our financial ecosystem becomes,” emphasized Beukes. Effective cybersecurity awareness training builds resilience, making well-informed customers and employees less likely to fall victim to attacks and strengthening the overall security of the financial system. “As cyber threats evolve, so must our defense strategies.  This means continuous learning, regular training, and a culture rooted in vigilance,” Beukes concluded. Ongoing education is essential for financial institutions to protect assets, secure customer information, and maintain the trust that underpins their success.

By fostering a culture of vigilance and emphasizing collective responsibility, financial institutions and the public alike can work together to safeguard the security of our financial systems.

For media inquiries, please contact:

Mrs. Ongame Mutorwa

Communications Manager

Tel: (+264) 81 255 3658

E-mail: OngameM@Letshego.com