Cybercrime costs Kenya govt Sh5bn a year: report

The government of Kenya is losing an estimated Sh5 billion a year to cybercrime.

A report by IT services consulting firm Serianu in partnership with PKF Consulting and USIU Africa titled “The Kenya Cyber Security Report 2015”, released Wednesday, shows that the country loses Sh15 billion (USD146 Million) to cybercrime, with the public sector accounting for Sh5 billion.

The financial services sector follows at Sh4 billion while manufacturing and industrials at S billion in third place.

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Telcoms and media

The telecommunications, media and technology and other sectors are estimated to lose about Sh2 billion and Sh1 billion respectively.

Serianu managing director William Makatiani said the firm reviewed publicly and privately available data from individual industries, complemented by interviews with business leaders and IT security practitioners.

“Unlike many governments, Kenya has not established any mechanisms to track and calculate the losses made by public sector organizations to cybercrime,” Mr Makatiani said. “This makes them even more susceptible to crimes such as website defacements and ransom demands from criminals before restoration,”