50 per cent of Saccos do not invest in Cyber Security, report says

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Fifty per cent of Savings and Credit Co-operative Societies (Saccos) do not invest in cyber security which leaves them vulnerable to cyber-attacks, a new report has revealed.

According to the Africa Cyber Security Report 2017, Saccos lost Ksh. 21.37 billion ($210 million) in 2017 alone and this was attributed to a lack of investment in Cyber Security training.

“Cyber threat losses are significant, when compared with the vulnerabilities, and they are experienced across the board in the finance sector,” Joseph Mathenge the Chief Operating officer at Serianu IT consultants said during the launch of the report in Nairobi on Tuesday.

The report also revealed that 31 per cent of all Sacco employees in high end positions such as management and 29 per cent of employees at the mid management level lack the technical expertise to quell cyber-attacks. This reiterates the fact that many Sacco members are oblivious of the threat of Cyber Crime.

Similarly, the report states that Saccos only train their staff members after the occurrence of a cyber-crime and not before.  Furthermore, according to the report, only 83 per cent of Saccos have the capacity and capability to handle cyber threats internally while only seven per cent feel the need to contract internet service providers to handle the problem.

Overall, the highest demand for skilled cyber-security professionals is within the banking sector, followed by insurance and Saccos who are worst affected.

The revelation comes just weeks after the Communication Authority of Kenya (CA) announced a 56.59 percent drop in the number of cyber threats documented in the country. The percentage amounts to about 3.46 million cyber threats that were recorded in the financial quarter ended June 2018 which is a significant drop from the 7.97 million threats recorded in the preceding quarter.

The decrease in the number of threats was attributed to customers adopting online security measures such as using antivirus’, backups and encryptions which safeguarded their devices and servers from attacks. However, it is quite clear that more needs to be done if the projections are to lower even further.

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