Cybersecurity Threats in Finance Loom Large in Ghana: Experts Warn
As Ghana continues to digitize its economy and infrastructure, the risk of cyber threats has surged significantly. The Ghanaian Cyber Security Authority (CSA) has repeatedly highlighted the urgent need for robust cybersecurity measures to protect individuals, businesses, and government institutions from these growing threats.
Top Cybersecurity Threats in Ghana
Cybercriminals have become increasingly sophisticated, targeting Ghanaians with phishing emails and messages designed to deceive users into revealing sensitive information such as login credentials or financial details. The top-5 most reported incidents in Ghana include:
- Online fraud
- Unauthorized access to protected systems
- Online blackmail
- Online impersonation
- Publication of non-consensual intimate images
Counteracting the Growing Menace
To counteract this growing menace, experts are urging Ghanaians to adopt specific cybersecurity measures, including:
- Implementing multi-factor authentication (MFA)
- Using strong passwords
MFA adds an extra layer of protection to traditional username-password login methods. According to data from Gitnux, MFA can:
- Prevent up to 99.9% of automated attacks
- Reduce phishing attempts by 75%
- Decrease unauthorized access rates by 56%
Banking Sector Takes Note
The banking sector has recognized the significance of MFA in safeguarding customers’ financial data. The Cyber & Information Safeguarding Ghanaian Cyberspace security Directive issued by the Bank of Ghana urges institutions to enforce MFA solutions on mobile applications to protect customers’ accounts from unauthorized access.
Promoting Cybersecurity Awareness
In addition, the CISAB Vigilance First Campaign has been launched to promote cyber security awareness and enhance implementation of strong passwords and MFA solutions. The campaign trained over 220 people in the use of MFA, with participants mostly aged between 25 and 35 years old and educated and comfortable with technology.
The Importance of Strong Passwords
However, despite these efforts, many Ghanaians still use the same passwords for multiple online accounts, even with MFA in place. Implementing strong and unique passwords is crucial to enhance online security, as a compromised password can weaken the effectiveness of additional authentication factors.
Conclusion
As Ghana continues its digital transformation journey, implementing basic but effective cybersecurity measures like multi-factor authentication and strong and unique passwords can significantly reduce the risk of cyberattacks. By embracing these cybersecurity best practices and fostering a culture of awareness, Ghana can better protect its citizens, businesses, and institutions from the growing menace of cyber threats.