Kenya lost Ksh 21.2 billion to cybercrime fraudsters in 2017, a new report has indicated.
Dubbed the 2017 Africa cyber security report by pan African cyber security consulting firm, Serianu, reveals that Africa lost Sh350 billion to cyber security with government and financial institutions most affected, which saw the level of cybercrime activity rise from 63% in 2016 to 67% in 2017 and 55% in 2016 to 59% in 2017 respectively.
The report revealed that over Sh18 billion was withdrawn from affected individual's accounts with banks compensating nearly the same amount.
It was also indicated that almost 90 percent of the crimes that hit banks were never reported by the banks
Speaking during the official release of the report, Serianu Chief Executive, William Makatiani, said that the most vulnerable to cyber-attacks are micro-finance institutions and SACCOs, small businesses, among others, that are so much relying on the internet when transacting their daily activities.
"This year our report covers 10 countries including Kenya, Uganda, Nigeria, Ghana, Mauritius. We also expanded our focus to describe the anatomy of a cyber-heist and give forensic professionals a key to unlock the door into emerging criminal mindsets,
“Businesses within the SME sector are continually automating their processes and as a result, their continued dependency on technology is driving them deeper into risk,” said Makatiani
The report that was compiled using feedback from 700 IT experts, also indicated that fake news, insider threat and ransomware, cyber bullying, cyber pyramid schemes and physical and social engineering were the top cyber security trends in 2017.