Categories: CYBER SECTechnology

Cyber-criminals cash in on digital payments, remote working

Cyber-criminals are taking advantage of the increasing uptake of mobile money payments and remote working, to mount attacks, according to a new survey which states that cyber-crime has been on the rise since the advent of Covid-19 when more people adopted digital platforms and worked from home.
The report,  Africa Cyber Security Outlook report by advisory services firm KPMG indicates that ransomware, business email compromise and data leakages are some of the top cyber threats affecting businesses in Africa.
“Countries such as Kenya have faced ransomware attacks on supply chain networks that were interconnected using cyber-physical systems,” the report notes.
The sectors that have borne the brunt of the attacks include financial services, energy and natural resources, and information communication technology.
The biggest threat faced by African companies is business email compromise, according to 26 percent of respondents, 17 percent cited ransomware, 15 percent were hit by data leakages and five percent pointed out supply chain attacks.
“The increase in cashless payments, work-from-home enablement, and relatively low public-private partnership activity across Africa has resulted in an increase in cybercrimes after the Covid-19 pandemic,” said the report, noting that the rise in cyber-attacks was driven by monetisation of cyber-attacks, attractiveness of personal information assets for syndicates, easy access to attack tools, credential sales by initial access brokers, and availability of ransomware-as-a-service offerings.
The firm urged businesses to set aside a budget for cyber security to ensure an adequate war chest to combat the threats.

 

Daphne Oloo

Recent Posts

Campost and FindMe team up to modernize mail delivery in Cameroon

Cameroon Postal Services (Campost) has partnered with FindMe, an address management start-up, to modernize mail…

4 hours ago

Nigeria’s tech sector focuses on expanding connectivity to rural regions

In a bid to bridge Nigeria's digital divide, industry leaders gathered in Lagos for the…

5 hours ago

Visa invests in four African fintech startups to boost financial innovation

Visa has made strategic investments in four African fintech startups—Oze, Workpay, OkHi, and ORDA—that recently…

6 hours ago

Huawei to host hackathon to boost digital innovation in Kenya

Chinese tech giant Huawei has announced plans to host a hackathon in early December, aiming…

6 hours ago

KCB customers withdraw $7.7 million due to system glitch during migration

A system malfunction during a key data migration allowed customers at KCB Group, Kenya’s largest…

2 days ago

Mozambique social media restricted as runner-up in hiding

Mozambique's social media platforms have been restricted as Venâncio Mondlane, a main opposition figure in…

2 days ago