Kenyan Saccos Lost Ksh 106 Million To Cyber Criminals

Saccos in Kenya lost 106 million shillings in a period of 17 months to March 2021 to cybercriminals according to the latest report. Cybercrime activities in Kenya have been on the increase with many people switching to working online due to Covid-19.

From the latest stats, it means Kenyan Saccos have been losing 6.23 million shillings per month or 208,000 shillings daily. This is scary for a sector that holds more than 800 billion shillings in deposits of members and has also invested in various sectors.

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It has also emerged that 21 percent of Saccos in Kenya never carry out cybersecurity audits while 48 percent do so once a year, leaving them unaware of weaknesses on their network. Hacking into the majority of them is “as easy as A, B, C, D.”

Currently, there are over 14,000 registered cooperative societies in Kenya of which 5,000 are SACCOs. Co-operatives have mobilized domestic savings to the tune of about 800 billion, accounting for 33 percent of the national savings, and are major drivers of the economy.

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There are now calls for Kenyan Saccos to prioritize cybersecurity in its operations in order to keep hackers at bay.

According to Kaspersky, phishing attacks across the continent have baited unsuspecting victims into handing over bank information, ID numbers, and more. Most Sacco members have become victims without their knowledge.

Cybercriminals have become even savvier with their tactics, embracing more sophisticated technology to lure people into clicking on things they should not. People need to be enlightened.

For instance, the COVID-19 vaccine rollout throughout Africa has given rise to ample opportunity for cybercriminals to carry out several attacks that are hidden in what, at first glance, may appear to be relevant information.