Kenya’s fintechs confront cyber-threats as incidents hit 860 million a year
BUSINESS DAILY By EDNA MWENDA
Monday November 06 2023
Kenya's financial-technology sector has grown over the years but so have cyber criminals, who have devised new tactics that pose a threat to this evolution.
Cyber-attacks are increasingly becoming a constant threat to businesses across the globe particularly in Kenya. The country was ranked 35th most cyber-attacked country globally by Kaspersky in June, with attackers targeting the financial sector and digital infrastructures.
Fintech companies are facing an increasing number of sophisticated attacks, ranging from phishing attempts and data breaches to ransomware campaigns.
The Communications Authority said Kenya has witnessed an alarming surge in cyberattacks, with a staggering 860 million incidents recorded in the past year and 123.9 million cyber threats during the three months to last September.
The regulator expressed concerns over the escalating frequency, sophistication and scale of these cyber threats, particularly targeting Kenya's critical information infrastructure.
Harnessing power of AI to transform financial markets
BUSINESS DAILY By KEVIN NYAGA
Monday October 30 2023
In the dynamic world of finance, where fortunes can be made or lost with a single click, innovation is not a choice — it’s a necessity for survival. The financial industry has always been a breeding ground for technological advancements.
However, some companies have learned the hard way that ignoring innovation can lead to obsolescence. The list of such companies is long, from Motorola to Nokia, Kodak to Compaq, and Yahoo to BlackBerry.
These companies hesitated while the rest of the world embraced the digital age, clinging to tried-and-tested methods. They viewed technological advancements sceptically, believing their legacy and size would safeguard their position. Little did they realise that the tides of change were relentless.
Why hackers in Kenya attack are being linked to Russia
BUSINESS DAILY By KABUI MWANGI
Wednesday September 20 2023
The wave of cyber-attacks that befell Kenya slightly more than a month ago and threatened to ground the economy has made organisations reconsider their security architecture and structures.
Rapid digital evolution has seen a rise in the frequency and sophistication of cyberattacks globally, with emerging technology concepts such as artificial intelligence (AI), nanotechnology and blockchain poised to further accelerate the complexity and severity of cyber warfare.
But it is not just that. It is the struggle to unmask the threat actors behind the country’s recent protracted attacks that has fuelled the cyber safety debate.
At the time of the crisis, the attackers were only identified as ‘Anonymous Sudan’.
Who are ‘Anonymous Sudan’?
Pan-African cybersecurity consulting firm Serianu Limited says that ‘Anonymous Sudan’ is a code name for a threat actor that has been conducting denial of service (DDoS) attacks against multiple organisations, the most recent being in Kenya.
Why Robotic Process Automation is your firm's best bet for seamless transition
BUSINESS DAILY By CHRISTINE NJUGUNA
Monday September 25 2023
Organisations have had to rapidly adopt different systems and applications across business silos and groups to keep up with the pace of technology transformation.
This has led to a complex intertwining of legacy systems and architectures that need to be connected to newly adopted digital solutions to create a cohesive and interconnected ecosystem.
This is where robotic process automation (RPA) comes in. It allows organisations to deftly interweave legacy technology with modernised applications and services to overcome system integration challenges and drive forward digital transformation momentum.
Legacy systems are expensive to maintain and slow to deliver value. Research has found that 31 percent of the average organisation is comprised of legacy systems with 60-80 percent of IT budgets allocated to keeping them maintained.
McKinsey points out that only five to 10 cents of every dollar of tech spend goes into business value thanks to technical debt and legacy infrastructure.
CA pushes for new tools to regulate innovations
BUSINESS DAILY By LINET OWOKO
Monday September 04 2023
The communications regulator is pushing for the adoption of alternative regulatory tools to oversight new and emerging innovations such as digital currencies in Kenya.
Appearing before a special committee of the national assembly, the Communications Authority of Kenya (CA) director-general Mr Ezra Chiloba said the lack of a fully operational digital currency framework poses a risk of money laundering and consumer protection.
“There is a need to develop an appropriate overarching legal framework for regulation on new and emerging technologies, including digital platforms, social media and Over-the-Top services,” Mr Chiloba said.
The parliamentary special committee was set up to inquire into the legal and regulatory compliance of Worldcoin and its local partners.
The Worldcoin saga has highlighted regulatory flaws, including the absence of a fully operationalised framework for digital currencies.