Wednesday, July 21, 2010

Cyber law in Ethiopia

Ethiopia is going to adopt a Cyberlaw that helps protect financial institutions from crimes through internet networks. The draft law sent to some banks and insurance companies for comment aims to introduce a cyber law which would make electric records legally accepted.
This law does not exist in Ethiopia. The law would give penalties, making it a criminal offense to hack networks and systems of banks and insurance companies. According to some bankers the law would protect the country s financial institutions from being cheated through the internet, networks and smart cards.
These bankers said that the system is so volatile due to the absence of such law that it has the potential to highly affect financial institutions. According to these experts the draft law is expected to be ratified by next year after the Council of Ministers approves the law. The last couple of years have seen an alarming rate of cyber theft in the country.
Financial experts insist that the law should be ratified soon to prevent financial institutions from collapsing. One veteran banker said that in the developed world hackers could interrupt a bank s transaction for hours. The west has sophisticated systems to prevent these kinds of attacks.