Page 48 - SACCOStar Mag Vol 46 Press_txt.pdf
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CS: SACCO HEADS TO BE REGULATOR WARNS OF RISE IN CYBERSECURITY
CENSURED > THREATS >
Managers of cooperative societies who The National Cybersecurity Centre (NCC) detected over 3.8 million cyber
misuse members’ deposits will face the law, SGQD@SRHMSGD?QRSPT@QSDQNEHMCHB@SHMFSG@S*DMX@MRBNMSHMTD
Interior Cabinet Secretary Fred Matiang’i has to be at a high risk of online attacks.
said. Dr Matiang’i’s warning comes on the
back of recent claims of misappropriation According to a new report by the Communications Authority of Kenya
of members’ savings at the troubled Ekeza (CA), the threats represented an increase of 11.76 per cent from the last
SACCO. According to Matiang’i, SACCOs hold PT@QSDQNESGDXD@QVGDQD
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Sh230 billion in deposits, and have to be
regulated properly so as to safeguard this CA attributed the increased threats to enhanced cyber threat detection
money. capabilities through deployment of additional sensors and increased
resources towards cyber threat analysis
The Interior CS, who was speaking during a
delegates meeting for Police SACCO, said the “The cyber threats detected varied from denial-of-service (DoS) including
societies are prone to corruption just like botnet and brute-force attacks that led to denial of computer services and
government institutions are. illegal access to computer systems; online impersonation via social media
accounts and domain names; website attacks including defacement;
Safeguard deposits malware including phishing attacks; online abuse including online
fraud, hate speech, incitement to violence and fake news; and systems
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against corruption. Whereas graft is deeply
entrenched in State agencies, SACCOs are not The report revealed the susceptibility of Kenyans’ personal information
immune to it,” Matiang’i said. @MCLNMDXHM@BNTMSQXVGDQD?M@MBH@KHMRSHSTSHNMR@QDD@FDQSNHMSDFQ@SD
digital technology to keep up with telcos which play an important role
Matiang’i lauded the Police SACCO for helping in facilitating transactions. Financial institutions lost Sh21 billion due to
its members get loans to purchase houses, an attacks on cybersecurity in 2017.
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information of Kenyans using online banking and payment systems. The
According to the CS, Police SACCO has malware, which attacked 11 Kenyan institutions, can cost up to $1 million
disbursed Sh24 billion so far as loans to its (Sh102 million)per incident to resolve, according to the United States
members. Most of it has gone into purchasing Computer Emergency Readiness Team.
land and houses.
Deposit taking saccos, which boasted a total assets portfolio of Sh442.3
During the meeting, the SACCO approved a billion in 2017, are also highly vulnerable when it comes to cybersecurity.
Sh220 million dividend to its members. 3GHR GDHFGSDMR SGD QHRJ NE KNRR NE CDONRHSR AX SGD LNQD SG@M
LHKKHNM
Kenyans enrolled. Nearly 70 per cent of the 174 saccos countrywide have
Matiang’i urged members to plough back mobile applications for their customers.
half of that money into the SACCO so that it
can be invested. He also told Police SACCO The CA report paints a picture of increased threats in the form of
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members. impersonation. However, there is a marked decrease in online abuse.
The SACCO leadership was represented by its 2NLDQDFTK@SHNMRG@UDADDMD?DBSDCSNOQNSDBS*DMX@MR
%NQHMRS@MBDSGD
chairman David Mategwa. Inspector General SACCO Societies Regulatory Authority released a set of guidelines which
of Police Joseph Boinnet lauded the SACCO RDS LHMHLTL RS@MC@QCR SG@S R@BBNR RGNTKC @CNOS SN CDUDKNO D?DBSHUD
for embracing ICT in its work. cybersecurity governance and risk management frameworks.
Source: https://www.standardmedia.co.ke/ However, Kenyans still remain in limbo over the Cyber Crimes Bill after the
article/2001315720/rogue-SACCOs-next-target-of-anti- High Court temporarily suspended 22 sections of the law when industry
graft-purge players criticised it for targeting content creators rather than looking out
for citizens’ digital wellbeing.
Source: https://www.businessdailyafrica.com/corporate/tech/Regulator-warns-of-rise-in-
cybersecurity-threats/4258474-4927994-c4k826z/index.html
46| SACCO Star Magazine
