#Connectedke2017: Kenya’s Cybersecurity Bill is well advanced but might face delays

Cyber security bill is well advanced and very soon should be going to parliament any time for it to be approved into law.

This was stated by Robert Mugo, CEO ICT Authority, during the ongoing ninth Connected Summit that kicked off today in Diani, Kwale County.

He further stated that this was quite unfortunate that parliament had limited time now before their term expired but said he hoped that they will have enough time to deliberate on it before their term ends.

He also said that there will be high penalties for the cybercriminals if the bill is passed. The harsh penalties will help deterrent anyone who tries to compromises the systems.

The move to have cybercrime laws in place comes at a time when reports show that banks have become the leading target of cybercrime as people increasingly adopt the use of financial technology, where Kenya is a global leader in Mobile Money.

For instance according to Serianu’s Cybersecurity Report 2016, African countries lost at least $2 billion in cyberattacks in 2016 and according to Cisco 2017 Annual Cybersecurity Report In East Africa, Kenya recorded the highest losses $171 million to cyber criminals. Tanzania lost $85 million while Ugandan companies lost $35 million. Over one-third of organizations that experienced a breach in 2016 reported substantial customer, opportunity and revenue loss of more than 20 percent.

Mr Mugo, further stated that the Government was committed to developing comprehensive and offensive cyber-capabilities to protect citizens in the cyber space against threats and attacks. “We will achieve this goal through enhancing ICT security competencies and bolstering international collaboration.”

On his side Cisco Regional General Manager, David Bunei said the increasing use of cyberspace and digital applications posed its own challenges, which are however, outweighed by the opportunities. He encouraged CEOs to make cybersecurity a business priority.

Teddy Njoroge, the ESET East Africa Country manager said that with more than 75.3% of Kenyan citizens formally included in financial services through financial technology, one would logically expect a correspondent increase in cybersecurity investments in the financial services sector which is not the case with the Kenyan Banks.

Mr. Njoroge quoted The Kenya Cybersecurity Report 2016, where about 44% of financial institutions run on a paltry cybersecurity budget of $1-1,000 annually, whilst about 33% of financial institutions in Kenya have $0 spend on all matters cybersecurity.

“Effective infrastructural cybersecurity measures come at a budgetary cost which must be respected by C-Suite executives if we are to tame the constantly evolving threat landscape. Hackers collectively invest in their own expertise and tools to hack siloed and non-forward looking institutions who continue to ignore this phenomenon,” concluded Mr Njoroge.

Connected Kenya Summit now on its ninth year, was first held in 2009. The summit has brings together industry players from the Private and Public Sector. The Summit offers a platform where the industry players, government, innovators and other stakeholders mingle freely, share and exchange ideas on how ICT can continue to be a catalyst of service delivery to citizens.