Kenya lost Ksh 21B to cyber crime last year

Kenya lost Ksh 21 billion to cyber crime last year with ransomware and fake news being the latest forms that hackers are using the fleece mostly individuals and SMEs.

This is according to the 2017 Africa Cyber Security Report by Serianu Limited that indicates that banks and financial services firms are the most targeted institutions.

Defense Cabinet Secretary Raychelle Omamo says the Kenya Defense Forces and other security agencies have joined forces to help develop cyber security defenses in the country.

2017 was a particularly tough year for local organizations with respect to cyber security.

The latest Africa Cyber Security Report by Serianu indicates that the number of threats and data breaches increased with clear evidence that home grown cyber criminals are becoming more skilled and targeted.

The security firm says this is because 90 percent of African organizations operate below the cyber security poverty line. And this is perhaps why the estimated cost of cybercrime increased to about 21 billion shillings in Kenya and 350 billion shillings in the African continent.

The cyber security report indicates that even though banks and financial services firms are the most targeted institutions, fake news and ransonware to fleece are the new forms of cyber-attacks.

The report indicates that Kenyans lost 6.3 billion shillings to hackers using ransonmware to fleece individuals and small and medium sized institutions.

To secure Kenya’s cyber space, the Kenya Defense Forces is working with other security agencies to help develop cyber security defenses.

The report indicates that cases of cyber bullying have hit an all-time peak.

 

  

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