Cybercrime Soars in Gambia’s Banking and Finance Sector, Report Reveals
A recent research report has highlighted the alarming vulnerability of Gambia’s banking and finance sector to cyber-attacks, with more than 60% of surveyed institutions falling victim to cyber-crime in the last 12 months. The West Africa Cyber Security Indexing and Readiness report analyzed Ghana, Nigeria, Gambia, and Liberia’s efforts to combat cyber threats and revealed that the Banking and Finance sector is the most vulnerable to cyber-attacks.
Vulnerability of Telecommunication Industry
The report found that network bypass theft and other incidents of cyber intrusion continue to plague the telecommunication industry in all four countries. Despite this threat, more than half of telecommunications companies in the region had no budget set aside for security, resulting in estimated revenue losses of about 20% due to illegal system access.
Lack of Awareness and Cybersecurity Measures
The report highlighted a lack of awareness among private and public organizations regarding cybercrime, with 70 percent of those polled having little or no idea about its reality. Gambia and Liberia’s organizational procedures and processes were found to be lagging behind in developing measures to counter cyber threats, with Gambia only making its first attempt at implementing a cybersecurity strategy in 2015.
Rapid Growth of Internet Users
The report noted that the threat is equally growing, given the rapid increase in internet users in the region. As of March 2017, Gambia registered 373,865 internet users.
Common Attack Trends
- Hacking of electoral systems and government websites
- Hack attacks have already cut Internet access in Liberia
- Suspected hackers shut down the official website of Gambia’s Government House after disputed electoral results
Warning to Take Immediate Action
The report warned that cybercriminals are beginning to wake up to the fact that West Africa is a gold field with wide open systems, and urged countries in the region to take immediate action to strengthen their cybersecurity defenses. The study’s findings serve as a stark reminder of the need for governments and organizations in Gambia to prioritize cybersecurity and implement robust measures to protect against cyber threats.
Conclusion
Cybercrime poses a significant threat to Gambia’s banking and finance sector, as well as its telecommunication industry. It is essential that governments and organizations take immediate action to strengthen their cybersecurity defenses and prioritize cybersecurity to prevent potential losses and damage.