The acting CEO of Information and Communication Technology Authority Robert Mugo has said that cyber security is a major global concern that should be addressed by stakeholders from both national and private agencies.
Speaking yesterday during a connected summit 2017 held in Diani Kwale County whose theme is shaping the future Mugo said that cyber crime especially in money transfer has become very common nowadays and banks have lost up to 3 trillion dollars globally through the cyber crime.
“Money transfer is digital nowadays and globally banks have lost up to 3 trillion dollars through the cyber crime. Therefore security on this matter is a major topic,” He said.
Mugo also said that there must be collaboration in the technology industry so as to win the cyber crime menace that has currently been affecting most financial institutions.
“Policymakers need to engage with the private sector to develop and implement transparent, clear and sound privacy and security legislation to improve trust and minimize data localization,” he said.
Joyce Anne Wainaina the CEO Citibank Africa added that Banks and financial institutions have been a major target of cyber crime and therefore the industry should focus more on prevention of the crime and insecurity.
“Prevention means people should not share passwords with relatives and close friends but if that does not work we go to detection, detection is also critical but the sad thing is that cyber crime happens in seconds and most detection takes weeks and months before a report is given,” Wainaina said.
She also added that cyber crime is a challenge not only for corporate banks but also central banks therefore reaction for recovery should be made very fast.
“Last year the reserve Bank of Bangladesh also a lot of money through the cyber crime,” she said.
However the Chair ICT committee Council Of Governors (COG) and also Bungoma governor Kenneth Lusaka said that cyber crime is a very sensitive issue that should be looked into since it had earlier on brought tension when the country had the discussion of going manual or digital on IEBC during the general election with fears that hacking of the system will take place and tamper with results that will be produced.
‘’This is a very sensitive matter that must be addressed with immediate effect since it can be of more harm considering that this is the world where people cannot do anything without ICT and technology becomes advanced day by day,” Lusaka said.
Lusaka also urged the director of IFMIS Jerome Ochieng to address the system challenges that is being encountered by most counties yet it is supposed to be an efficiency system on finance but does not assist.
‘’The IFMIS challenge is a major challenge to the counties and is bringing us a lot of problems in terms of procurement in the counties, and is very important to be addressed immediately,’’ he said.