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Companies Lost Billions to Hackers Internet

Peter Musila 2 years ago

Internet connectivity in the country has improved significantly, with more users being registered every day. There are, of course, big benefits to increased connectivity.

These include the rise of mobile money transactions and access to loans. But there are downsides, too. The country has been targeted by hackers in several major attacks.

Billions of shillings from Kenyan business were lost to cybercrime in the previous financial year.

According to the latest report by cybersecurity firm, businesses were either defrauded directly or indirect, and this included banks, insurance companies and micro-finance.

According to the report, approximately KSh230 million was stolen via computer, KSh100 million through business emails and KSh66 million in identity theft and lastly KSh70 million was lost via fake cheques.

The Auditor General Edward Ouko requested companies to ensure that they safeguard their systems from hacking as such attacks can destroy the reputation of the company.

He further asked everyone to be vigilant and not only leave matters cybercrime to the IT department.

Central Bank of Kenya has been on the front line in ensuring they inform public institutions on the preventive measures to take by issuing guidance notes.

According to the bank, members of the board of a company should understand what cybersecurity is and the threats it has to a business. The performance of regular checks is also essential as it helps note any attempt and be able to curb it before taking place.

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