5 African Countries including Nigeria Loses $3.5b to Cyber Crime - CALIPHATE MEDIA

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Thursday, 10 May 2018

5 African Countries including Nigeria Loses $3.5b to Cyber Crime




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10/05/2018

According to a digital security firm Serianu. Nigeria alongside Tanzania, Ghana, Kenya and Uganda – together lost $3.5 billion to digital law breakers a year ago.

In Its Africa Cyber Security Report 2017, the digital security firm clarified that the five African nations endured harms and misfortunes through post-assault interruptions.
“Further analysis of cyber crime for the countries: Nigeria, Kenya, Ghana, Uganda and Tanzania was estimated at $3.5 billion a year, which includes direct damage and loss, post-attack disruption to the normal course of business and reputational loss,” according to the report said.

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In the main five nations, banking and money related services were most influenced, losing $248 million amid the period under audit.

A breakdown of the report shows as follows:
Government lost $204 million.
 E-commerce lost $173 million
Mobile exchanges lost $140 million and
Telecommunication lost $119 million.

According to Cashless Kenya project leader, Simon Muriithi, this circumstance could constrain the advantages of innovation been brought into reality by fintechs.

“For us, this is one of the biggest challenges in going digital in Kenya right now, but we have good security experts locally who can help banks bridge the gap,” Muriithi said.
Nigeria's supplier of shared stages for monetary exchanges, the Nigeria Interbank Settlement System (NIBSS) said the nation's installment framework stayed a standout amongst the most secured on the planet.

Its Business Development, Niyi Ajao, however concurred that regardless of the methods for installment picked, there is dependably the danger of losing money if mind isn't taken.

He stated: "Regardless of whether you pass with money, the danger of losing cash is dependably there on the off chance that you don't make a difference by the essential security standards. On the off chance that I put my money inside my satchel and I don't keep my handbag well, pick-pockets will pick it. In this way, for all these other new channels, including the cell phone, it has its own hazard yet its excellence is that each client, everybody that complies with the essential standards, would not lose cash.

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