Connect with us

News

Cyber Crime Costs Region US$3Million Monthly

Published

on

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Amethyst Streams
App4 weeks ago

5 Reasons Why Amethyst Streams is the Ultimate Destination for Relaxation and Healing

Casting Room Backstage
Entertainment4 weeks ago

5 Essential Elements for a Successful Casting Room Backstage

Ibomma UK
Entertainment4 weeks ago

5 Must-Watch Movies on Ibomma UK for Telugu Movie Lovers

Piperine
Health & Fitness4 weeks ago

10 Surprising Health Benefits of Piperine You Didn’t Know About

Phone Number
Tech4 weeks ago

5 Reasons Why You Should Save This Phone Number Now

Beliktal
Travel4 weeks ago

Uncovering the Mysteries of Beliktal: 10 Hidden Gems to Explore

James Joyce
Life Style4 weeks ago

5 Fascinating Facts About James Joyce and His Literary Style “Joyciano”

Literotica
Life Style4 weeks ago

The Top 10 Literotica Tags to Spice Up Your Reading List

Emergency Hotline
App4 weeks ago

10 Tips to Remember When Calling the Emergency Hotline (02045996818)

Red and White Magazine
Life Style4 weeks ago

The Ultimate Guide to Red and White Magazine: Everything You Need to Know

Mangatoto
Entertainment4 weeks ago

Exploring the World of Manga: A Guide to Mangatoto

HQFlix
App4 weeks ago

HQFlix: Your Gateway to Premium Streaming Content

Chaleturi
Home and Garden4 weeks ago

Chaleturi: The Ultimate Mountain Retreat Experience

Live Sports
App1 month ago

Discover the Benefits of Watching Live Sports with Streameast

Martie Allen
Celebrity1 month ago

The Untold Story of Martie Allen: From Personal Life to Career Success

Villains
Entertainment1 month ago

The Shocking Truth Revealed in Chapter 36: I’m Being Raised by Villains

Unsuccessful Draft Pick
Sports1 month ago

The Highs and Lows of Sports: Reflecting on an Unsuccessful Draft Pick

Pata Seca
Food1 month ago

Discover the Delicious Tradition of Pata Seca: A Guide to This Mexican Delicacy

TOTK Techniques
Gaming1 month ago

Level Up Your Gaming Skills with TOTK Techniques for PC Players

Utsunomiya
Travel1 month ago

Shipn Utsunomiya: Unraveling the Hidden Gems of this Charming City

Trending