Cybercriminals up their game, steal Sh30b in one year
SEE ALSO :Protect Kenyans from online fraudThis has led to an increase in the cost of doing business as institutions spend more resources to safeguard their systems against attacks. Financial players, including banks, insurance companies and Saccos, spent Sh6.4 billion in protective measures. Government agencies and private service providers, including telcos and sports betting companies, on the other hand, spent Sh5.9 billion and 4.8 billion respectively. According to Serianu, while more companies are reporting cybercrime attempts and even losses, many cite the lack of adequate personnel as the biggest challenge to complying with industry standards. Of those polled, 23 per cent reported a skills gap in auditing and risk management, with another 22 per cent pointing to inadequate personnel trained and experienced in incident response. Earlier this year, the Directorate of Criminal Investigations (DCI) published the names and faces of more than 100 individuals it said were linked to the theft of millions of shillings from several commercial banks in Kenya. Data from the Communications Authority of Kenya (CA) indicates that cases targeting both individuals and institutions over the last quarter of last year spiked 168 per cent. Malware attacks recorded a 400 per cent increase from 1.8 million between July and September last year to nine million recorded between October and December, with a majority of cases targeting smartphone users. “The quarter saw an exponential increase in the number of malware attacks as well as the number of misconfigured systems,” said the CA in the latest sector statistics report.
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