Do not be scared of the WannaCry Ransomware attack; Cabinet Secretary Joe Mucheru has reassured members of the public.
Adressing a gathering during the Cyber-Security & Banking Forum organized by Citibank and the ICT Authority, the CS confirmed that the governments computer system and networks are secure.
” The government is keenly following developments on the encryption malware which effectively disabled over 200,000 computers running the Windows operating system in over 150 countries.We have heightened our cyber monitoring and surveillance mechanisms to prevent and eliminate any remote possibility of attack”, explained Mucheru.
In addition to the above, the CS encouraged financial institutions to improve on information sharing and reporting on Cyber-security breaches.
“Breach notification eliminates the clandestine attempts by hackers to attack systems and enables synergized efforts towards the prevention of the criminal activity as well as their prosecution”, he said.
Among the benefits of sharing the information, includes quantifying the exposure and resilience of organizations both in public and private sector to cyber security incidents.
The Kenya Cyber Security Report 2016 by Serianu indicated that about 44% of financial institutions run on a cyber-security budget of a paltry KES 100 to KES 100,000 annually. Another 33% of financial institutions in Kenya have zero spending on all matters cyber security. The report further noted that a whopping KES 1.75 billion has been pilfered from Kenya’s economy by savvy cyber criminals.
In regards, the Cs challenged financial institutions to boost its cyber security preparedness
“With more than 75.3% of Kenyan citizens included in the formal financial services in the country, one would logically expect a corresponding increase in cyber security investments in the industry, statistics indicate this is not the case currently”, he noted.
“We must ensure that our aspirations for innovation in the various sectors of the economy are matched with prudent security risk management especially in the Fintech services area” concluded Mucheru.