Ghana losing between $30 to $60m yearly through cyber fraud

Ghana is losing a whopping amount of between $30 to $60 million through internet and other forms of cyber fraud, particularly as a result of hacking into bank and cash transfers.

What makes the situation even more alarming is that there is lower level of knowledge by actors in the banking industry and mobile telecommunication, in most cases of how thieves and criminals operate to swindle the unwary.

These were made known during the presentation of a report titled; “2017 West Africa Cyber security Indexing and Assessment Report,” by at team from 3T Solutions Consulting to the University of Ghana Business School (UGBS) at Legon.

With headquarters in Riverview, Florida, USA, 3T Solutions Consulting, a global and business integration company’s 12-month report covering July 2016 to June 2017, examined the cyber security situation in Ghana, Nigeria, Liberia and Gambia.

Mr Kojo De Graft, the leader of the three member team, said: “One of the main reasons 3T Solutions Consulting embarked on this 12-month project was to create awareness of the menace of cyber threats to business and governments in West Africa using locale-specific data.

“We also wanted to make available specific cyber security knowledge for West Africa.”

He expressed a strong need to bring cyber security awareness into the open, observing rather that “cyber security is mostly seen as IT departments issue or Government issue and most institutions defer to the IT department on this menace.”

Noting that Cyber security is a global problem, the Report said the menace could be dealt with emphatically by regions and that the threats faced around the world were all different and could be solved regionally by coalition of academic and business partnerships.

It called on the governments, the academia, and the banking sector among others to invest heavily in cyber security to avert the operations of cyber criminals.

“We hope with this report to start changing mindset that cyber security is everyone’s concern; that is when real awareness and clarity of the enormity of the issue can be addressed,” Mr De Graft said.

He pointed out that the UGBS should be concerned about cyber security because as digital lives merged with physical and business, cyber threat became more pronounced for businesses and they had to be aware and able to mitigate them.

Also, every region faces a different form of threat. The University can be the institution leading the effort in West Africa to find innovative practices to counter the menace; and cyber security subject is now being incorporated into top universities such as Harvard, Oxford, Cornell, and George Washington MBA programmes.

”We believe UG will also benefit from this trend in incorporating cyber security into their business programmes. As a citadel of knowledge, UG has a role to play as the premier institution of cyber security education in creating practical policy implementation for the challenge.

Prof. Joshua Yindenaba Abor, the Dean of the UGBS, who received the Report in the company of Prof. Richard Boateng, the Head of Department of Management Information Systems of the UGBS, said the School was ready to partner 3T to help with seminars for the executive MBA programmes.

Copies of the Report, released earlier last July, have been presented and shared with  Mrs Ursula Owusu Ekuful, the Minister of Communications; Mr Demba Ali Jawo, the Minister of Information and Communications Infrastructure, Gambia; Mr Albert Antwi Boasiako, Cybersecurity Advisor to the Ministry of Communications, Ghana; and Professor Ebenezer Oduro Owusu, Vice Chancellor of the University of Ghana.

Source: GNA

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