Dr. Helmi Al-Gmati, Head of the Economics Department at the University of Benghazi, wrote:
The recent statement issued by the Central Bank of Libya represents an important step in informing the public about developments surrounding the cyberattack. It also confirms the continuity of banking services and the Bank’s refusal to yield to extortion attempts—a principled institutional stance that reflects its commitment to safeguarding the stability of the financial system and preserving the authority of the state.
However, this incident should not be treated as just another passing crisis. Instead, it should serve as a genuine turning point. Cybersecurity is no longer merely a technical issue; it has become a fundamental pillar of both national security and economic security.
Once the investigations are complete, it will not be enough simply to announce that the incident has been contained. Clear answers must be provided to key questions:
- How did the breach occur?
- What was the actual extent of the damage?
- Where were the vulnerabilities?
- What institutional, legislative, and technical reforms will be implemented to prevent similar incidents in the future?
Confidence in financial institutions is not built solely on overcoming a crisis, but through transparency, accountability, and continuous improvement.
Today, the priority remains preserving the stability of the financial system, completing the investigations, and disclosing their findings to the public with full transparency. The experience should then be transformed into an opportunity to strengthen Libya’s cybersecurity framework and enhance the protection of state institutions.
Strong states do not claim they are immune to cyberattacks. Rather, they demonstrate their strength by learning from their mistakes, addressing their weaknesses, and emerging from every crisis better prepared and more resilient.
