Cybersecurity Incident Halts Payment System in Lesotho
The Central Bank of Lesotho (CBL) has confirmed that it experienced a cyberattack on December 11, resulting in the complete shutdown of the country’s payment system. However, the bank has emphasized that there was no financial or other loss as a result of the incident. To prevent further attacks, the CBL has suspended certain systems and is currently investigating the matter. The severity of the attack has not been disclosed, but it is believed to have affected interbank and international payments in Lesotho. The country’s financial stability and exchange rate could also be at risk.
Efforts to Restore Normalcy
In response to the attack, the CBL has initiated an investigation and is working on restoring its systems to normalcy. However, this process may cause delays in payments. The Lesotho Bankers Association has also acknowledged that the attack has made it impossible for local banks to honor inter-bank transactions. Both institutions are implementing business continuity processes and measures to facilitate transactions while the system is being restored.
Hot Take: Cybersecurity Breach Disrupts Lesotho’s Banking System
The Central Bank of Lesotho experienced a cyberattack that resulted in the shutdown of the country’s payment system. Although no financial loss was incurred, the incident has disrupted inter-bank transactions and poses a threat to the stability of Lesotho’s financial system. The bank is currently investigating the matter and taking steps to restore normalcy. In the meantime, delays in payments may occur. This incident highlights the vulnerability of financial institutions to cyber threats and the need for robust cybersecurity measures to safeguard sensitive data and maintain operational efficiency.
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