With devices making up an essential part of everyday life, cybersecurity is increasingly becoming a threat that must be taken seriously. In 2014, more than 5,000 local users of Facebook lost millions of shilling in a hacking scam.
The attack was a type of social hack known as a phishing scam that tricks users into providing a hacker with access rather than relying on technical skill to break into their accounts.
Smarter banking solutions have become the fad due to convenience as consumers have less time to queue at ATMs and in banking halls. Mobile banking wallets and electronic banking have been growing across the region, exposing users to the risk of cybercrime.
“One of the biggest areas of concern remains online and mobile banking. A decade ago, these platforms were used by a limited number of early adopters, but have since evolved into a mainstream service in Kenya.
Despite its ease of use and convenience, financial institutions still need to ensure that the proper security protocols are in place to avoid any vulnerabilities across applications,” says Bethwel Opil, Channel Sales Manager for East Africa at Kaspersky Lab.
Kaspersky Lab experts anticipate high-stakes cyber attacks targeting the banks. And the fraudsters won’t stop here; Kaspersky Lab expects they will try to develop new malware that can take cash directly from ATMs.
“These mobile money offerings are a great way to manage micro-transactions and reach the unbanked population. But while the benefits are numerous, mobile money has also attracted malicious users.
In Kenya, we are already seeing criminals targeting the M-Pesa platform. Users therefore need to remain cautious and apply common sense when it comes to potentially fraudulent transactions,” he says.
In addition to financial cybercrime, 2015 is also likely to bring even more privacy concerns, security worries about Apple devices and renewed fears about connected devices to prevent hackers using tools like network printers to penetrate corporate networks.
In November last year, a family of malware dubbed WireLurker was discovered. It has the capacity to infect iPhones via Apple computers, posing a security threat to devices that have been largely resistant to cybercriminals.
With the trend, Kaspersky Lab says that the threats to expect in 2015 include attacks against virtual payment systems, which could be extended to the new Apple Pay platform and ATMs.
They also expect a shift where the bigger, noisy cyber-threat actors splinter into smaller units, operating independently of each other. This, in turn, will result in a more widespread attack base with more diverse attacks coming from more sources.
“Cybercriminals will be sponsored by states or individual organisations using highly sophisticated and carefully constructed methods to gain access to a network and steal information quietly.
In addition, cyber espionage is another emerging threat to be aware of especially with the ongoing political and economic policy changes taking place in countries like Kenya,” says Opil.
These are just some of the threats businesses and consumers need to be aware of in 2015. For companies, the high prevalence of internal threats will remain the biggest security threat in the months, and possibly, years to come.
“Authorised users will continue to probe systems for unauthorised access, co-opted other users’ access privileges, and attack systems for a variety of reasons, including revenge, blackmail, competitive advantage, and disgruntlement.
People’s increased mobility will intensify this threat as attacks could come from a much more diverse geographical location,” he adds.
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