Financial Crime World

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Kenya’s Financial Institutions Urged to Adopt Human-Centred Cybersecurity Approach

As Kenya’s digital payments landscape continues to evolve, financial institutions are being warned of the growing cybersecurity risks that come with it. A recent study paper by KICTANet and commissioned by Trust4Cyber-Flagship Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH highlights the importance of adopting a human-centred approach in cybersecurity to mitigate these threats.

The Importance of Human-Centred Cybersecurity

The study, which maps the cybersecurity landscape in Kenya with a focus on the financial sector, notes that despite progress made in developing legal and regulatory frameworks, human elements of cybersecurity are frequently overlooked or assumed. In fact, 9 out of 10 cyber breaches can be attributed to human error.

Growing Cybersecurity Risks

Kenya’s Computer Incident Response Team (KE-CIRT) has reported a significant growth in detected threats, from 23 million in 2018 to 110 million in 2020, with ransomware, malware, and phishing attacks being the most common cybersecurity risks. The study warns that these trends are expected to continue, posing serious challenges to the financial sector.

Top Cyberthreats in Africa

According to the 2021 Interpol report on African Cyber Threat Assessment, the top five cyber threats in Africa include:

  • Online scams
  • Digital extortion
  • Business email compromise
  • Ransomware
  • Botnets

Kenya’s fintech sector is particularly vulnerable, with losses of up to $770,000 per incident reported.

Fintech Sector Challenges

The study highlights several cybersecurity challenges faced by the fintech sector, including:

  • Loss of funds due to cyber-attacks
  • Limited data on breaches
  • Few skilled staff and awareness
  • Wide use of pirated software
  • Funding constraints
  • Prosecution capacity issues
  • Managing evidence
  • Information security gaps

Recommendations for Addressing Challenges

To address these challenges, the study recommends a human-centred approach that involves:

  • Promoting collaboration between stakeholders
  • Developing national cybersecurity policies
  • Enhancing cybercrime information sharing
  • Regularly conducting national cybersecurity assessments
  • Increased investment in cybersecurity strategies
  • Hiring skilled personnel
  • Upgrading infrastructure

Full Report Available

The full report is available at https://toolkit-digitalisierung.de/app/uploads/2022/03/GIZ-2022-A-study-paper-on-human-centred-cybersecurity.pdf