Ghana Lost $105 Million To Cyber-Crime in 2018 – CID

By | May 27, 2019

Ghana Lost $105 Million To Cyber-Crime in 2018 – CID. Recent report from the Cyber-Crime Unit of the Criminal Investigations Department of the Ghana Police Service with latest figure has shown to us how much money lost to the cyber fraudsters increasing from 2016 with estimate of $25million to $105 million in 2018.

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From the Director of the Cyber-crime Unit of the Criminal Investigation Department, Dr. Gustav Yankson, Ghana Police Service who reported this saying it added to the estimated figure that is $69 million lost in 2017.

Addressing at the maiden edition of the Ghana Insurers Association’s (GIA) Information Technology Conference under the theme: “Emerging trend domain and impact of cybersecurity threats on the insurance industry”, a Cyber analyst with e-crime Bureau Philemon Hini argued it is time heads of institutions in the country lead the fight against cyber-crime by prioritizing investments in IT solutions.

“Within our institutions the management level must appreciate the need for cyber security solutions. Because from what we are seeing now cyber security has been left entirely in hands of the IT department without much interest from management. Because management does not fully appreciate cyber security issues it becomes difficult to get the funding needed to put the right systems in place.”

The maiden edition of the Ghana Insurers Association, Information Technology Conference brought together some leading personalities in Ghana’s insurance sector to deliberate on the steps that need to be taken to fight for insurance companies from the scourge of the cybercrime.

Stated by Stephen Oduro, the Managing Director (MD) of SIC Insurance Company Limited said that insurance companies must take actions to protect their data with improved investment into IT systems to fight against cyber fraud.

“IT should not and I stress, should not be an after thought. We should do all we can to prevent these unnecessary budget cuts as far as IT expenditures are concerned,” Mr. Oduro said.

A partner at leading audit firm Deloitte, known to be Abena Biney, stated clearly that senior management must elevate the attention given to IT, to the level of other functions like Marketing, Finance and Human Resource due to its growing importance.

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“I think we should pay attention to the cost-benefit analysis. Ignore the IT, worst case scenario what could happen? Your company could get shut down. Ask yourself a question, with one hack into your system, how much can you lose? Based on your answer don’t let IT be a second thought when you are doing your budget.”

This report has shown how much Ghana is losing due the activities of Cyber fraud and the only way to solve is for companies to invest into IT system and employ qualified and experienced cyber security officers to manage the IT systems. Ghana Lost $105 Million To Cyber-Crime in 2018 – CID.

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