Cyber Crime Costs Region US$3Million Monthly

Cyber Crime is affecting businesses in the region especially the banking sector, costing the region US$ 3 million every month.

This was disclosed by IT experts on Friday March 23 during a one day workshop held at Serena Kigali Hotel on Cyber Security and Banking.

Experts have recommended EAC members states to collaborate with their respective private sectors in fighting cyber crimes.

Mr. Luke Mulunda, a representative of Cyber Security Africa, a global company engaged in information security solutions advised participants that among the ways to tackle cyber threats is by protecting the region’s infrastructure and information systems in various organizations.

Charles Watahi, a senior security consultant at academy Group Africa was quick to add that ethical hacking can also be a solution.  “By doing this one will be able to penetrate into networks which pose a threat on your network, hence this trick will enable you to block malicious attacks from foreign networks,” he explained.

He argues that ethical hacking is essential since the more African businesses digitalize their procedures and products the more the risks.

 “Even though banks and telecom companies deploy  more sophisticated technologies, it does not take long for hackers to develop schemes meant to embezzle and steal from various businesses” , he warned.

Banking fraud is the common cyber crime targeting financial institutions.
A recent survey conducted on regional banks this year including Zambia shows that financial institutions face cyber attacks including ; malicious insiders, card skimmers, electronic files manipulators, ATM assaults, identity theft, unauthorized penetration.

  • Posted 26th March 2012

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