Written By Lisa Murimi
Kenya although a third-world country is fast developing especially technologically.
It has been especially hailed for its achievements and advances in the digital finance sector after successfully introducing and running M-pesa, a mobile money transfer platform, and has been making significant steps in digitalising cash transactions.
But rapid digitalisation attracts its fair share of challenges, an example being threatened cyberspace, meaning that it is often susceptible to hackers and without proper security infrastructure results in significant potential losses.
Anonymous Sudan
This past week, Kenyan citizens have been grappling with helplessness following the attempted attack on Kenya’s cyberspace, rendering most online essential services useless and ineffective. This is shortly after the president launched an online platform, e-Citizen, designed to help make access to essential services easier.
The cyber attack was directed at government agencies, financial institutions, and communication networks among other essential services that are heavily reliant on digital technology. For example, Kenyans attempting to access e-citizen received a host error message. K.P.L.C, M-pesa and Standard Chartered Bank were among those whose digital banking systems were compromised.
A Sudan-based group ‘Anonymous Sudan’ claims responsibility for the attack stating the reason being a strike out on behalf of oppressed Muslims worldwide.
How The ‘Cyber-Attack’ Affected Kenya
Financial losses – the attack halted many activities including tax collection in counties e.g, parking fees, leading to loss of revenue.
Customer data breaches – potential data breaches could result in increased accounts of identity theft and fraudulent transactions leading to significant financial losses for both customers and financial institutions.
Service disruption – Train services were disrupted due to a network outage by its service provider which affected the purchase of tickets. M-pesa paralysis led to losses in millions due to a reduced number of transactions. Both public and private institutions were affected.
Regulatory scrutiny – increased scrutiny due to investigations and the potential introduction of regulations to bolster cybersecurity measures may increase operational costs for service providers.
Loss of trust – loss of confidence in digital finance platforms potentially driving people back to cash-based transactions.
Reputational damage – loss of public trust regarding the safety and confidentiality of their data may increase negative reviews and ultimately lead to the business collapsing.
What Can Kenya Do Stop Cyber Attacks?
Cybersecurity investment – increasing expenses for security technologies, staff training and audits to enhance cybersecurity
Promoting awareness and education of the masses on cybersecurity
Strengthen collaboration and information sharing with the private sector to protect digital infrastructure and financial ecosystem and facilitate coordinated response to potential attacks Continuous monitoring and incident response.
Implementing real-time monitoring of digital systems can help detect and respond to cyber threats promptly. Developing an effective incident response plan is crucial to minimize the impact of any potential future attacks.
Conclusion
The suspected hacking of Kenya’s digital infrastructure serves a wake-up call to the importance of robust cybersecurity measures. Kenya can fortify its digital finance ecosystem, ensuring it remains secure, resilient, and conducive to economic growth for years to come.
