Why Kenyan Businesses Should Prioritize on Cybersecurity

Prioritizing endless cybersecurity initiatives is not an easy task for most companies.

In Kenya,  users have been exposed to endless attacks, such as the recent WannaCry ransomware virus impacting on their normal businesses.

Michael Mbuthia, Chief Information Officer at the  Kenya Bankers Association KBA-IPSL in a recent fireside chat organised by  SEACOM on ‘Emerging trends in technology, key lessons from 2017 and Trends to watch in 2018,”  security topped on the list of technology trend to watch.

Other trends highlighted include system infrastructure, cloud computing, cognitive computing, mobile devices, internet of things and analytics.

Mbuthia said with security ranking top, companies or organisations that have not invested to protect themselves, any breach “Can potentially wreak havoc on businesses, represent one of many IT security trends professionals need to think about when protecting their organizations,” he noted.

Data from the Breach Level Index shows that globally, data records lost or stolen since 2013 to date are 1,901,866,611 “less than 5 per cent of breaches were “Secure Breaches” where encryption rendered the stolen data was rendered useless.” reads part of the data records compromised in the first half of 2017.

In its  2017 half year report, Africa had four data breaches, down 33 percent. Kenya had 134,000 records with one major incident.

The firm observes that many of the breaches are the result of accidental loss or inside threats. A large portion of accidental loss are the result of poor internal security practices or unsecure databases.

“There are three steps that every company should take to mitigate the overall cost and adverse consequences that result from a security breach. Encrypt all sensitive data at rest and in motion, and securely store and manage all of your encryption keys. Control access and authentication of users.”

In Kenya,  Insurance broker (Aon Kenya) now Minet Kenya launched the Aon Cyber Enterprise Solution aimed at protecting businesses from cyber risk.

The product covers physical property damage, products liability, business interruption or supply chain disruption from cyber-attacks.

“Data is an organisation’s most valuable asset but it’s also the most vulnerable asset. However, as businesses and companies grow, so do their exposure to cyber risk. This simply means that that as the value of a business grows, it raises its profile among hackers,” said Sammy Muthui chief executive officer.