How to not lose another $97M to cybercrimes in 2019

How to not lose another $97M to cybercrimes in 2019

Ghana is one country that has greatly benefited from digitization. But as might be expected, such technological advancement comes with an increased risk to cybersecurity. As of August 2018, the country has lost as much as $97 million to cybercrimes, including hacking, credit card fraud, identity theft, and software piracy.

Then again, government and corporate institutions in Ghana are bent on making the most of technology to streamline their operations and set the pace for cybersecurity in Africa. In fact, many African countries are already asking for Ghana’s assistance in regard to issues concerning cyber defense. Let these pointers help your own organization avert the mistakes of the past:

Security is a primary concern, not an afterthought

Government agencies and businesses should, first and foremost, adopt the culture of cybersecurity into their operations. The rising incidents and costly damages caused by cyberattacks warrant a proactive approach to cybersecurity, so organizations that observe security requirements like the ones listed below are mitigating the risks better than those that opt to resolve it at a later stage.

  • Keeping systems patched and up to date
  • Using strong passwords
  • Backing up files regularly
  • Installing firewalls and antivirus software
  • Installing intrusion detection systems
  • Restricting access to sensitive information
  • Practicing caution when opening files or clicking buttons
  • Conducting internal audits

Keep in mind that nothing substantial can come out of a half-baked security plan. Hiring an experienced managed services provider to deploy proactive information security solutions is a good way to be two steps ahead of cybercriminals.

It’s a shared challenge

The fight against cybercrimes is a national concern, and therefore needs cooperation from various sectors. In developing countries like Ghana, for instance, the impact could be worse due to inadequate technology, training, and law enforcement expertise, which is something the Ghanaian government is perfectly aware of.

No less than President Nana Akufo-Addo has expressed commitment to creating a safe cyber environment for the people. The government and other corporate firms need to step up their efforts in spreading public awareness on the matter.

It would be easier to develop strategies and execute any existing laws when everyone is aware of cyberattacks and their consequences. Of the $97 million lost due to cybercrimes, only 5.7% of the reported cases went under investigation. This is a result of the victims’ refusal to cooperate with authorities for lack of confidence in the prosecuting process and fear of getting ridiculed by the public.

Lastly, there needs to be a directorate that will monitor and investigate cyberattacks. President Akufo-Addo recently announced forming a Cyber Security Authority that will oversee the operations of agencies in the digital value chain — a significant move toward controlling cybercrimes.

Continuous training and education is paramount

Preventing cyberattacks and tracking down online criminals are easier if you have the technical knowledge. Let’s not forget that cybercrimes increased when the task of dealing with investigating and apprehending attacks fell to authorities without the technical know-how to handle the problem.

Technologically proficient officers and staff should be tasked to deal with the evolving complexities of cybercrimes. And as government and corporate institutions do their part in educating citizens and employees, it’s important for users to understand their responsibilities in keeping their company safe. It certainly helps to read up on the latest scams and developing a healthy skepticism of everything they see online.

Stay mindful of cyberattacks with help from industry experts like Zentech IT Solutions. Contact us today for your IT security concerns.

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