Gambia Suffers Two Separate Cyberattacks on Central Bank, Leaving Country’s Civil Servants Locked Out of Accounts

A Wake-Up Call for Financial Institutions in the Region

In a shocking turn of events, the Central Bank of Gambia has fallen victim to two separate cyberattacks, leaving the country’s civil servants locked out of their accounts. This incident serves as a wake-up call for financial institutions in the region, which are increasingly becoming targets of cybercriminals.

Details of the Attacks

The first attack allegedly demanded a $2.5 million ransom from the bank in exchange for not leaking sensitive data. The second attack left civil servants unable to access their accounts. While the Central Bank of Gambia is still investigating the attacks, officials have confirmed that no sensitive information was compromised.

Africa’s Growing Cybercrime Problem

Gambia’s central bank joins a growing list of financial institutions across Africa that have fallen prey to cybercriminals. In May 2022, the Bank of Zambia suffered a ransomware attack by the Hive hacker collective, which disrupted some of its applications and demanded an undisclosed ransom.

• Commercial banks in Nigeria lose $30 million annually to cybercrime.
• South Africa has reported several high-profile data breaches in recent years.
• Africa loses an estimated $4 billion annually to cybercrime.

Factors Contributing to the Rise in Cybercrime

The rise in cybercrime in Africa can be attributed to a combination of factors, including:

• The continent’s growing reliance on digital payments
• The increasing sophistication of cybercriminals
• Many hackers abandoning eastern Europe in search of easier targets in Africa

Mobile Money Market Attracts Cybercriminals

Africa is home to a thriving mobile money market, with 70% of the sector’s $1.04 trillion transaction volume coming from the continent. However, this has also made it an attractive target for cybercriminals, with telecom service providers like MTN and Safaricom reporting significant losses due to mobile money fraud.

Government and Financial Institution Efforts

Despite the growing threat of cybercrime in Africa, there are signs that governments and financial institutions are taking steps to combat the problem. Several countries have enacted cybersecurity legislation, while organizations like Ciberobs and TradePass are hosting cybersecurity events to raise awareness about the risks and best practices for protecting against attacks.

Conclusion

As Africa continues to grapple with the growing threat of cybercrime, it is clear that greater awareness and collaboration between governments, financial institutions, and cybersecurity experts will be necessary to combat this rising threat.