NAIROBI, Kenya, Aug 5 – Blockchain, artificial intelligence and big data are among technology that can be used to boost cyber security in companies and government.
This is according to the Capital Markets Soundness second quarter 2019 report which also includes cloud and robotic process automation as additional ways of taming cyber threats.
For instance, sequential hashing and cryptography in blockchain systems, along with decentralized structure has made it impossible for a party to alter any data on the ledger, thus protecting client data and trade information.
For Artificial intelligence, algorithms help in fast detection of threats and limiting their spread by identifying outliers from normal patterns.
The report recommends for substantial investment in the prevention of cyber security attacks at the firm level and the national level.
In May, a report by cyber security firm Serianu put the cost of cyber crime in Kenya at Sh30 billion in 2018.
Currently, only 1700 cyber security skilled professionals are certified in Kenya with 60 percent of companies set to experience a shortage of cyber security professionals this year especially at senior and mid-management levels.
Additionally, recent research also reveals that most companies have unprotected data and poor cyber security practices in place, making them vulnerable to data loss.
“Average expenditures on cyber crime are reported to be increasing dramatically, with costs associated with such crimes crippling to companies who have not made cyber security part of their regular budget,” the report states.
According to a study published by the International Organization of Securities Commissions (IOSCO) research department and the World Federation of Exchanges office on June 2019, around half of the world’s securities exchanges were the subjects of cyber-attacks in 2018.
Globally, regulatory members of IOSCO have been kept abreast with developments in cyber crime in order to set sound risk management frameworks.
In 2016, the Committee on Payments and Market Infrastructure (CPMI) developed and disseminated guidance on cyber resilience for financial market infrastructures to its members.
The guide provided supplemental detail related to the preparations and measures that FMIs should undertake to enhance their cyber resilience capabilities with the objective of limiting the escalating risks that cyber threats pose to financial stability15.
Further in October 2017, IOSCO Board established a Cyber Task Force (CTF) whose mandate was to raise awareness of existing international Cyber guidance and encourage the adoption of good practices among the IOSCO regulatory community.