​Ghana loses US$50m to cyber crime

​Ghana loses US$50m to cyber crime

Nigeria recorded the highest figure of US$550 million, followed by Kenya and Tanzania

A report by Kenyan-based IT firm, Serianu Limited, has revealed that the economy lost a total of US$50 million to cybercrime in 2016.

The report dubbed ‘Achieving Cyber Security Resilience: Enhancing Visibility and Increasing Awareness,’ shows that five African countries lost a combined US$895million to the menace–comprising an indirect loss of $537m and direct loss of $358m.

The breakdown of the report shows that Nigeria recorded the highest figure of US$550 million, followed by Kenya and Tanzania with US$175 million and US$85 million respectively. Ghana and Uganda also recorded US$50 million and US$35 million respectively.

The report further reveals that insider threats, which refer to fraud involving information or employee abuse of IT systems and information, are a bigger security threat compared to outsiders for African organisations.

Worryingly, the report states that mo

ons in Africa are ill-prepared to deal with information security threats.

“This is brought about by lack of sufficient budgets, lack of skilled professionals and lack of visibility within the organisation.

Security professionals are struggling to demonstrate business value to senior management because they are providing very technical operational metrics whereas business managers are looking for more business-oriented metrics.

Lack of practical regulatory guidance from industry regulators and government is leading to poorly implemented and unenforceable security controls since they are not local focused but rather copied and pasted regulations,” the Serianu report states.


It is also reported that ICT security expenditure in African countries is estimated to grow from approximately US$1.24 billion in 2015 to US$3.6 billion in 2020.

To achieve this, the Serianu report recommends that African countries need to harden their infrastructure and services to enhance the resilience of the underlying foundation and combat information security threats.

“African countries need to enhance the security competencies of technology users and ICT security practitioners. This will ensure that there is greater adoption of essential security practices among technology users and ensure that ICT security practitioners have adequate knowledge and capability in managing ICT security risks.

Given the borderless nature of cyber threats, it is important for African countries to continue working closely with international counterparts and also encourage cross-border collaboration within the continent,” the report states.

Efforts by Ghana

It is reported that a good number of private and public companies in the country are not security conscious, thereby, making them susceptible to cyber-attacks.

The websites of the Vice President of Ghana, the National Communication Authority, and the National Information Technology Agency have all been compromised by hackers recently.

It is against this background that the Ministry of Communications in 2014 drafted the Ghana National Cyber Security Policy and Strategyto serve as a roadmap for securing the country’s cyberspace as well as to boost investors’ confidence. The policy was approved by cabinet in November last year


​Rawlings Denies Volta NPP Chair

By Daily Guide Mr. Rawlings, John Peter Amewu

THE OFFICE of ex-President Jerry John Rawlings has stated that there is no rapport whatsoever between the former president and the Volta Regional Chairman of the New Patriotic Party (NPP), Peter Amewu, as the latter had indicated.

According to a statement issued and signed by Kobina Andoh Amoakwa from the Communications Directorate of the office of the former president, the claim by John Peter Amewu that there is rapport between himself and the former president is false and malicious.

“To make such untruthful and absurd claim of a follow-up telephone call which can easily be verified is foolhardy, imprudent, unbecoming of a political actor who is supposed to lead with integrity and absolutely disrespectful to former President Rawlings,” the statement pointed out.

It would be recalled that Mr. Amewu, in an interview with Joy News Television on December 15, 2016, had praised Mr. Rawlings for assisting the NPP emerge the winner of the December 7 polls, creating the impression of a good rapport between him and Mr. Rawlings.

“I want to say a big thank you to him (President Rawlings). Even on the night of elections when the results were coming in, he did call,” Mr. Amewu was quoted to have said during that interview.

The Volta Regional Chairman of the NPP had also pointed out that the former president and founder of the defeated National Democratic Congress (NDC) had contributed immensely to the low voter turnout in the region during the polls.

But in the statement to set the records straight, the office of Mr. Rawlings said emphatically, “For the records the former president has met and talked to Mr. Amewu only once in his lifetime.

“This encounter, which was at the full glare of the media, took place when he led the Volta Regional executives to pay a courtesy call on the former president after he was enstooled as the Nutsifafa Fiaga of the Anlo Traditional Area.”

The purpose of the visit, the statement stressed, was to lodge a complaint about the alleged attempts by non-Ghanaians across the Ghana-Togo border to vote in the just-ended Ghanaian presidential and parliamentary elections.”

“The office therefore, demands an apology and retraction of the said falsehood in the same manner and prominence such false claim was carried,” the statement charged.

BY Melvin Tarlue