Ghana Lost US$77 million To Cyber Crime

Cyber-attacks promise to escalate

By Benson Afful

The National Cyber Security Adviser, Dr. Albert Antwi-Boasiako has warned cyber-attacks promise to escalate in the years to come, with the increase in Internet penetration and the massive reliance on ICT devices for transactions.

With three months to end the year, Ghana has already lost US$77 million to cybersecurity crime.

Though the figure is less than that of last year, which recorded an amount of US$105 million, Dr. Antwi-Boasiako said the government’s commitment to curb cyber-attacks has set the country apart on the continent.

Cyber-attacks promise to escalate in the years to come, especially with the increase in Internet penetration, and the massive reliance on IoT (Internet of Things) devices such as the use of mobile phones for transactions and interaction by citizens. Mobile phones have facilitated easy access to social networks and business transactions.

Ghana’s payment system shows that the registered number of mobile money accounts increased to 22.99 million in June 2018 from 21.36 million recorded in June 2017.

This means a significant percentage of the population is sending, and receiving money through their mobile phones.

According to Dr. Antwi-Boasiako, infiltration of these systems and platform not only undermine confidence in the digitalization efforts of the country but also have a detrimental impact on the economic activities of individuals.

He said over the last two-half-years that have been a lot of efforts to develop the country’s cyber-security due to President Nana Akufo-Addo's vision of building a digital economy.

Launch of Point of Contact (POC)

There is a need to have reliable channels were to immediately and effectively report cyber-attacks. These attacks have a huge impact on the country’s economy.

The launch of the POC demonstrates the importance of the country’s cyber-security readiness, according to the National Security Advisor. The National Cyber-Security Centre (NCSC) cannot effectively initiate its readiness without the private sector and the general public. We expect the private sector to contribute to the process by facilitating the reporting of cyber-security incidents either through the sectorial certs or directly to the NCSC. The NCSC believes that the launch of the POC will further bridge the gap between the government and the citizens on cybersecurity issues.