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230m dollars lost to cyber criminals-Financial institutions are the major targets

Ghana lost a whopping 229.9 million dollars to recorded cybercrime cases between 2016 and August this year.

According to the police, about 60% of the cases reported were fraud related.

$35.7 m lost in 2016

Figures available at the Cybercrime Unit of the Criminal Investigation Department (CID) of the Ghana Police Service reveal that $35.7 million was lost to cybercrime in 2016.

$69.2 m LOST IN 2017

Head of the Cybercrime Unit of the Criminal Investigation Department (CID) of the Ghana Police Service Chief Superintendent, Dr. Herbert Gustave Yankson, told The Finder that in 2017, cyber criminals succeeded in stealing $69.2 million from corporate bodies, individuals and groups in Ghana.

Financial institutions lost $28 m

He added that out of this amount, $28 million representing 40 percent of cybercrime losses in 2017 were monies stolen from banks in Ghana.

$97 lost as at end of August 2018

According to him, as at the end of August, this year, cybercrime cases reported to the unit, so far, has hit $97 million.

Dr Yankson said deceit was used to perpetuate these crimes.

For this reason, he said the cyber security month is crucial because if people are made conscious of what is happening in the cyber space and empower them with knowledge, then people would no longer fall victims.

He noted that this would help reduce their vulnerabilities to prevent some of these crimes.

Academia and industry need to join forces to combat cybercrime

Launching of the National Cyber Security awareness month in Accra dubbed: ‘A Safer Digital Ghana’, Vice-President Dr Mahamudu Bawumia reiterated the importance of building a robust digital ecosystem as a major step to the achievement of the country’s agenda of a massive socio-economic transformation.

He noted that a safer cyber environment is critical in ensuring that Ghana’s participation in the digital evolution is secured from the vulnerabilities that come with it.

The Vice-President noted that Ghana being a part of the increasingly digital world, where daily connectivity has almost become an essential commodity, it was imperative to ensure a safer cyber ecosystem where vulnerabilities are reduced to the barest minimum.

“As we become more and closely connected to each, together we become highly vulnerable to cyber-attacks. When there is an insufficient authentication method or a lack of consumer security knowledge, then each user is only as safe or vulnerable as the other.”

It is for this reason that the Nana Addo-led government has placed digitization of the Ghanaian economy as an essential part of its governance strategy.

He added that a National Cyber Security Policy and strategy has been drafted and expected to be completed by end of the year.

The policy when completed would mandate the Ministry of Communications to work with other Ministries, Agencies, the private sector and Ghana’s international partners to address any issues that may have the potential to compromise state security.

Source: The Finder

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