Sophisticated malware, mobile scams, software security breaches—the list of cybercrime threats is growing each day. Yet African nations continue to fall short of protecting themselves and must constantly grapple with the impact.
A study from IT services firm Serianu shows the pervasive nature of cybercrime across the continent, affecting businesses, individuals, families, financial institutions, and government agencies. The study shows how weak security architectures, the scarcity of skilled personnel and a lack of awareness and strict regulations have increased vulnerability. Cybercrime cost the continent an estimated $3.5 billion in 2017.
However, Businesses embrace of digitization to better serve their always-connected customers has resulted in the emergence of new threats. Fileless malware enables easier, harder-to-detect access to sensitive customer information. The rapid transmission of information through hyper-efficient online payment methods creates openings for insiders to gain unauthorized access to funds – underscoring the need for real-time transaction monitoring.
Given that insider attackers are taking advantage of their trusted access to data – and not trying to hack into databases and file shares – it’s all the more essential for companies to deploy autonomous anti-fraud technologies that act against any internal threats in cases when controls are sidestepped and privileged access is abused. By monitoring and securing payments along the entire length of their transaction journey, these technologies protect businesses’ sensitive customer data and finances allowing organizations to gain in-depth visibility into the security and vulnerability of their assets. These technologies help organizations pre-emptively stop fraudsters in their tracks – rather than suffering through months or even years of revenue loss and internal subversion.
Technology may have helped facilitate the so-called ‘insider threat’, but it is undoubtedly essential to fighting employee crime and other types of cyber-enabled fraud. With that said, for anti-fraud technologies to truly serve their purpose, organizations must first acknowledge an uncomfortable truth: their greatest threats are often inside the company. Company insiders have a powerful mix of means, motive, and opportunity to commit fraud, and organizations remain exposed to this material and escalating risk unless they invest in technology to help keep their security one step ahead of the threats they face.
Cybercrime costs Africa’s economies billions of dollars