Sophisticated malware, software security breaches, mobile scams—the list of cybercrime threats is growing. Yet African nations continue to fall short of protecting themselves and must constantly grapple with the impact. A new study from IT services firm Serianu shows the pervasive nature of cybercrime across the continent, affecting businesses, individuals, families, financial institutions, and government agencies. The study shows how weak security architectures, the scarcity of skilled personnel and a lack of awareness and strict regulations have increased vulnerability. Cybercrime cost the continent an estimated $3.5 billion in 2017. The report found more than 90% of African businesses were operating below the cybersecurity “poverty line”—meaning they couldn’t adequately protec
Fraud has in the recent past incrementally found its way to the path of least resistance transaction channels such as mobile money leading to hefty losses of revenue, survey findings by Myriad Connect shared during the Fintech Summit 2018 shows. The study established that fraud in Kenya continues to be a major key performance indicator (KPI) for Financial Services. The findings reveal that 90 percent of CIOs strongly agree that fraud is a key challenge facing the industry. In a report, Myriad Connect noted that 82 percent of CIOs stated that addressing fraud is a business-critical priority while 95 percent of CIOs in Kenya confirmed that they are targeted to reduce fraud in their organizations. As financial service authentication specialist, Myriad Connect commissioned the res...
(Reuters) - The U.S. Department of Justice has launched a criminal probe into whether traders are manipulating the price of bitcoin and other digital currencies, Bloomberg reported on Thursday. The investigation concerns illegal practices that can influence prices such as spoofing, or flooding the market with fake orders to trick other traders, Bloomberg said, citing four people familiar with the matter. Federal prosecutors are working with the Commodity Futures Trading Commission (CFTC), the report added. Neither the Justice Department nor the CFTC were immediately available for comment.
It is time for a new approach to security. Today’s dynamic threat landscape demands a security strategy that focuses on the threat itself more than simply prevention. One that doesn’t continue to simply stick band-aid over band-aid, until a cat’s cradle of fixes and patches becomes a management nightmare. Meanwhile, the organisation’s systems remain vulnerable to new, increasingly smart, attacks. Findings from the recent The Cisco 2018 Security Capabilities Benchmark Study reveal that more than nine out of ten (94%) companies surveyed in the Middle East and Africa have suffered a breach in the last year, with nearly a half (48%) experiencing more than $500,000 (around R6.2 million) in damage. The good news is that companies in the region are taking a progressive approach to tackling
President Uhuru Kenyatta enacted Computer and Cybercrimes Bill, 2017 citing a two year jail term or Kshs 5 million fine for spreading fake news. The President’s decision is facing protests with many Kenyans claiming it is a move to suppress not only media freedom but citizens’ freedom of speech. The new law also provided for offences relating to computer systems, cyber espionage, false publications, child pornography, computer forgery, computer fraud, cyber stalking and cyber bullying, aiding or abetting in the commission of an offence. Offences relating to computer systems, a fine not exceeding five million shillings or to imprisonment for a term not exceeding three years, or to both. Cybersecurity cost Kenya over Sh21.2 billion in 2017 coming a close second to Nigeria tha