Rising cybercrime gives banks sleepless nights

Cybercriminals are getting more aggressive. FILE PHOTO | NMG 

Increased adoption of technology by financial services providers such as banks has raised the country’s cyber-attacks risk, exposing them to loss of customers’ deposits and savings to online fraudsters.

Kenyan banks are increasingly investing in mobile and digital products as an efficient and cost-effective way of reaching customers and growing market share.

This is largely buoyed by rising Internet penetration as well as growing acceptance of mobile- and app-based products, which have in turn become a target for cyber criminals.

“Cyber criminality follows broadband and Internet penetration. As we become more online, these risks and threats start manifesting themselves,” Johannesburg-based Samresh Ramjith, a cybersecurity partner with consultancy EY, said in a past interview.

“One of the clearest statistics is that this market isn’t slowing down from a cybercrime perspective. This is growing year-on-year by close to double-digit.”

Directorate of Criminal Investigations (DCI)’s Economic…

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