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Kenyan businesses lost billions to online criminals in the last financial year. The funds were lost through direct theft or indirect expenses linked to cybercrime. Financial institutions, such as banks, insurance companies, and micro-finance institutions were the most affected group.
According to a report by cybersecurity firm Serianu, KSh230 million was lost through computer fraud, KSh100 million through business emails, KSh70 million through fake cheques, and KSh66 million in identity theft.
The Auditor General Edward Ouko also added to the discussion saying that cybersecurity should be a concern for everyone and not just the IT department in a company. Online attacks have the potential to ruin a company’s reputation and result in enormous losses for the business.
Due to the growing threat of cybercrime, in 2017, the Central Bank of Kenya issued a guidance note on Cyber Security to public institutions. The report lists the minimum requirements for businesses to prevent cybercrime. One of the requirements is that the members of the board of a company understand cybersecurity matters and possible threats to the business. CBK also demands that companies perform regular checks to ensure they are safe from cyber theft.