E-Wallet payment platforms now a target for online hackers: KPMG reports reveals

NAIROBI, Kenya - A new survey conducted by advisory services firm KPMG has revealed cybercriminals are now targeting most consumers using online payment platforms across Africa.

The report dubbed Africa Cyber Security Outlook has revealed that ransomware, business email compromise, and data leakages are some of the top cyber threats affecting businesses in Africa.

KPMG report “Countries such as Kenya have faced ransomware attacks on supply chain networks that were interconnected using cyber-physical systems.”

Financial sectors, energy and natural resources, and information communication technology were most affected by cyber hackers' attacks.

This report further states that the top threat faced by African companies is business email compromise, according to 26 percent of respondents, 17 percent cited ransomware, 15 percent data leakages, and five percent pointed out supply chain attacks.

“The increase in cashless payments, work-from-home enablement, and relatively low public-private partnership activity across Africa has resulted in an increase in cybercrimes after the Covid-19 pandemic,” said the report. It said the increase in cyber incidents was driven by factors such as monetization of cyber-attacks, the attractiveness of personal information assets for syndicates, easy access to attack tools, credential sales by initial access brokers, and availability of ransomware-as-a-service offerings.

The firm has now urged businesses to set aside a budget for cyber security to ensure an adequate war chest to combat the threats.
African Cybersecurity status.

The Global Cybersecurity Index (2021) shows that of 54 African countries assessed, only 29 have introduced cybersecurity legislation.
In 2022, 52% of companies in Africa believed that they were unprepared to handle a large-scale cyber-attack.

The reality is grimmer; Interpol’s Africa Cyber threat Assessment Report found that more than 90% of businesses on the continent were operating without the necessary cyber security protocols.

African organizations are not giving cyber security the priority it deserves and this inadequate security is directly affecting business for enterprises, as well as countries.

According to the report, Africa is losing $4 billion annually to cybercrime. However, cybercrime hurts companies beyond their financials, leading to data loss, theft of intellectual property and financial and/or personal information, and damage to brand and reputation.

Africa’s poor cybersecurity also means the region is now targeted by cybercriminals as the “soft underbelly” of global business networks. In Africa, many countries have seen a rise in digital threats and malicious cyber activities.

Ironically, Africa’s rapid technological evolution makes the region an attractive target for cybercriminals. This is slowly changing, though, with countries such as Kenya and Zambia implementing new cybersecurity laws.

Kenya is leading the pack with the introduction of new anti-piracy legislation is helping to build confidence in Africa as a business destination with the ability to limit – and hopefully, eventually, eliminate – copyright theft.

US companies are investing heavily in Kenya, following amendments to the latter country’s Copyright Act to block infringing domains on internet service provider networks.

GAROWE ONLINE