Gambian Financial Institutions Vulnerable to Cybercrime, Report Reveals

Introduction

A recent research report by West Africa Cybersecurity Indexing and Readiness has highlighted the banking and financial sector in The Gambia as the most vulnerable to cyber-attacks among the four countries surveyed.

Key Findings

• More than 60% of respondents from banking and financial institutions have been victims or know someone who has been a victim of cybercrime within the last 12 months.
• Network bypass theft and other incidents of cyber intrusion continue to plague the telecommunication industry in all four countries, with more than half of telecommunications companies having no budget set aside for security.

Organizational Knowledge and Preparedness

• 70% of private and public organizations polled had little or no knowledge about the reality of cybercrime.
• Gambia and Liberia’s organizational procedures and processes have lagged behind in developing measures to counter cyber threats, with Gambia only attempting to put a cybersecurity strategy in place in 2015.

Internet Users and Cybercrime

• The Gambia registered 373,865 internet users as of March 2017, leading to an increasing threat of cybercrime.
• All four countries had one attack trend in common: the hacking of electoral systems and government websites. Hack attacks have cut off internet access in Liberia, while the official website of Gambia’s Government House was shut down by suspected hackers following disputed electoral results.

Attack Vectors

• Hackers have targeted the websites of Ghana’s electoral commission and the majority of the Ghanaian government’s websites, including its main site, which are currently offline.
• The report stated that “cybercriminals are starting to wake up to the fact that West Africa is a gold field with wide open systems.”

Conclusion

The report was conducted by 3T Solutions Consulting, a global cybersecurity and technology organization with offices in the United States, Ghana, Nigeria, and India. The findings highlight the need for increased awareness and preparedness among financial institutions, organizations, and governments in West Africa to combat the growing threat of cybercrime.

Recommendations:

• Financial institutions should prioritize cybersecurity measures and invest in security infrastructure.
• Organizations should educate employees about cybercrime risks and best practices.
• Governments should develop and implement effective cybersecurity strategies and policies.