This archive report was first published on 24 September 2019.
As e-commerce continues to grow, small businesses are increasingly exposed to cybercrime, according to a new security report.
Published on September 24, 2019, the report highlights the vulnerability of small firms to cyber threats, with the three main markets for cybercrimes being South Africa, Nigeria, and Kenya.
The report notes that young startups are more exposed to cybercriminals due to their use of new technology and lack of developed infrastructure.
"The growing businesses using cryptocurrency and mobile money as payment methods give cybercriminals a chance to embrace the trend and use sophisticated methods to access the funds," said Bethwel Opil, Kaspersky Africa enterprise sales manager.
The Communications Authority recorded 25.38 million cyber threats in Kenya last year, with 24,623 cases considered critical by the Kenya Computer Incident Response Team Coordination Center (KE-CIRT/CC).
Fintech firms lack proper defense mechanisms to protect their services and users against data breaches, according to Opil.
The report also highlights the growth of Africa's Fintech ecosystem, which has increased by 60% in the last two years, with the number of firms rising from 301 in 2017 to 491.
