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The Nairobian

Cyber criminals steal Sh17b from unwitting Kenyans

Business

By Frankline Sunday | Dec 01, 2016

William Makatiani (left) C.E.O Serianu limited, Joseph Mucheru(centre) Cabinet Secretary Ministry of ICT and Dr. Jimmy Macharia(right) dean school of science and technology, USIU during Africa Cyber Security Report Launch 2016 on 29th November 2016. PHOTO:WILBERFORCE OKWIRI

Kenya has lost Sh17.5 billion to cybercriminals this year.

This comes as criminals switch to new tools and techniques to reap from the sweat of oblivious digital users.

A new report into the prevalence of cybercrime in Kenya indicates the incidence of cybercrime rose by 14 per cent, costing the country Sh17.5 billion, up from Sh15 billion reported last year, with the country’s financial sector most at risk.

“We have seen both technology and cybercrime evolve significantly since 2012 and while in the past cybercriminals were opportunistic, today we are seeIng more skilled, focused and deliberate attacks,” explained Serianu Limited Chief Executive William Makatiani.

The firm, together with the United States International University (USIU) and Internet security firm, Paladion Networks, conducted the study that polled 150 respondents in primarily technical roles, including chief information officers and IT managers from several organisations.

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“Another peculiar finding was that despite high levels of investment in technologies and automation across government and the private sector, there was no matching investment in cyber threat prevention tools,” said Mr Makatiani.

This came as Visa, a global leader in payments launched the fourth edition of its annual Card Security Week campaign in Kenya.

This year’s campaign focuses on raising awareness on the multiple layers of security in place to protect cardholders from fraud when making payments in store, online or through mobile. “As fraudsters and their methods become more sophisticated, the cards industry must stay updated on potential risks and counter them with measures to predict and prevent fraud,” said Visa General Manager East and Southern Africa Jabu Basopo.