Kenya lost Sh17.7Bn to cyber crime in 2016: Report

February 8, 2017 (2 weeks ago)
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The Deloitte report states 96 percent of Kenyan companies spent less than $5,000 in cyber security

, NAIROBI, Kenya, Feb 8 – Kenya lost Sh17.7 billion to cyber crime in 2016 according to a Deloitte report on technology, media and telecommunications.

The cost of the attacks was the highest in Africa at 0.28 percent of the GDP compared to the continent’s average of 0.07 percent of GDP.

The report links increased Denial-of-Service attacks to the growing number of connected devices, online availability of malware methodologies which allow relatively unskilled attackers to marshal insecure devices and use them to launch attacks.

“East Africa region and particularly Kenya are becoming a target of choice for cybercrime,” Erik van der Dussen, TMT Leader at Deloitte East Africa said.

Kenya has been ranked 69th most vulnerable country in the Global Threat Index out of 127, 45th in 2015.

The report predicts 2017 global sales of tablets will likely be fewer than 165 million units, “down by approximately 10 percent from the 182 million units sold in 2016, suggesting we have passed the peak demand for these devices.”

In media, TV advertising revenue in 2017 is expected to be flat with 2016, a positive outlook for an industry that too often is declared a vanishing business.

In Kenya, 85 percent of print readers are male, often interested in politics

“Print media in Kenya continues to decline under the pressure from online news and social media,” said van der Dussen.

“Twitter is also becoming a more and more popular source of news, while radio remains leader for advertising thanks to its high reach and its low cost.”

An unlikely winner in 2017 is the return of vinyl which is expected to continue its resurgence, approaching $1 billion globally in revenues for all vinyl related revenues for the first time this millennium.

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