Hopker urges financial entities to follow SA Cybersecurity Standard

By Staff Reporter

A Cybersecurity Awareness Specialist at Meinert Cybersecurity, Ms. Tanya Hopker, has urged and encouraged all Namibian financial companies to follow South Africa’s new legal standard for cybersecurity in the financial sector.

The regulation, introduced by the Financial Sector Conduct Authority and the Prudential Authority, outlines how institutions should prevent, respond to, and recover from cyber threats. It offers a strong best-practice framework for improving local cyber resilience.

In a recent media statement, Ms. Hopker, alluded that Namibian Financial Institutions should take note on the recent regulatory changes in South Africa’s financial sector.

According to Ms. Hopker, South African banks, insurers, pension funds and financial service providers are now required to implement formal cybersecurity strategies, board-level oversight and tested incident response plans.

She however added that the new regulation also enforces regular system testing, access controls, and strong cyber hygiene including patching, malware protection and secure system configuration.

“This regulation forces institutions to take a hard look at their digital defences, It is no longer enough to react to threats. Institutions must prepare, test and take responsibility before something goes wrong.” Stressed Hopker

All employees, including executives, must receive cybersecurity awareness training. Third-party service providers must also meet equivalent security standards, reducing risks across connected systems.

The Cybersecurity Awareness Specialist, Hopker also added that the rules apply to institutions of all sizes. “The standard is proportional, meaning smaller firms are not exempt. Every institution must show that it can prevent and recover from attacks. Cybersecurity is everyone’s responsibility.”

In this regard the financial entities must report major cyber incidents to the authorities and define clear recovery objectives. Regular reviews and system updates are now part of regulatory compliance.

This regulation marks a significant step forward for South Africa’s financial system. It prioritises prevention, builds public trust, and sets a strong example for digital resilience—one that Namibian financial institutions can adopt to strengthen their own cybersecurity posture.

ENDS…