This archive report was first published on 9 July 2019.
Published on July 9, 2019, Microsoft's 2018 Security Intelligence report has sounded a warning bell on the vulnerability of Kenya's economy to cyber attacks.
The report estimates that Kenya lost Sh29.5 billion to cybercrime in 2018, with the financial sector being the biggest casualty.
According to the report, banks accounted for 18% of the total attacks, while payment solutions accounted for 10% of the attacks.
The Kenya National Chamber of Commerce and Industry (KNCCI) has already called for tougher laws to curb the vice, following the report's findings.
Microsoft's Country Manager for Kenya, Sebuh Haileleul, noted that Kenya only has 1,700 skilled cyber-security professionals, which is way below the required number.
Haileleul added that 60% of the companies are currently facing a shortage of cyber-security professionals.
Other forms of cybercrime that were frequent in 2018 include ATM attacks, phishing attempts, and SIM swap cases.
According to Serianu's 2018 Africa Cyber security Report, SIM swap has become a lucrative enterprise in Kenya, particularly due to the increased adoption of mobile money services and mobile number-based authentication.
