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Saturday, Oct 19th

Cybercrime up by 23% in Zambia

Cybercrime up by 23% in Zambia

Cybercrime in Zambia has increased by 23% in the last two years, according to a new report by PricewaterhouseCoopers (PwC).

The report stated that financial loss attributed to cybercrime was at 58%, while reputational damage was measured at 57%.

Almost two-thirds (65%) of the respondents suffered a loss of below US$100,000 compared to just 19% in 2014, and that the number of respondents experiencing losses of between US$100 and US$1million has escalated from 7% in 2014 to 11% in 2016.

In 2016, 3% of cybercrime incidents resulted in losses of over US$1 million, up from 1% in 2014.

PwC partner Andrew Chibuye said the increase in the use of technology platforms has brought about greater risk because of exposure to cyber criminals.

"There is a need for financial institutions to take a keen interest in issues of cyber security because there is greater risk," Chibuye said.

Bank of Zambia governor Dr Denny Kalyalya said the financial institution is concerned.

"There is also a need to educate the public on the importance of safeguarding personal information, such as the numeric passwords and personal identification number if cybercrime is to be tackled," Kalyalya said.

This week Barclays Bank Zambia and the Zambia National Commercial Bank (ZNCB) reported the theft of millions by cyber criminals via ATMs.

The banks have not revealed how much was lost, but said they have taken precautions to contain the situation and have blocked all jurisdictions where the transactions originated.

Both banks say their systems were not affected during the attack that happened during the Easter holiday.

The Bankers Association of Zambia (BAZ) has initiated an investigation.

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