In a bold initiative to bolster defenses against escalating cyber threats, Safaricom has convened the second annual Cybersecurity Summit, bringing together nearly 500 leaders from the cybersecurity and technology sectors. Under the theme “Secure Innovation, Unstoppable Growth for Kenyan Financial Services,” the two-day summit underscores the urgent need for businesses, governments, and individuals to invest in robust cybersecurity measures amid a rapidly evolving digital landscape.
As cybercriminals employ increasingly sophisticated tactics, including ransomware and phishing attacks, the call for enhanced protective technologies has never been more critical. Ramakrishna Balagopa, Vice President of Business – EMEA at SISA, Infosec Company, highlighted the concerning trend of personalized and targeted attacks on financial systems, stressing the imperative for organizations to embrace emerging technologies to fortify their cybersecurity resilience.
An alarming report from Interpol’s African Cyberthreat assessment reveals that African organizations faced the highest average weekly cyber attacks in Q2 2024, primarily due to insufficient cybersecurity infrastructure. In Kenya alone, the Communications Authority reported over 1.1 billion cyber threat events detected from April to June 2024, driven by the rapid proliferation of Internet of Things (IoT) devices, insecure system configurations, and the challenges posed by new technologies like Artificial Intelligence.
Peter Ndegwa, Safaricom’s Chief Executive, affirmed the company’s commitment to providing comprehensive solutions designed to protect and empower businesses against cyber threats. “We connect, protect, enable, and transform businesses, ensuring continuity even in the face of cyberattacks,” Ndegwa stated, outlining Safaricom’s offerings, which include security advisory services, network security, and enhanced cloud solutions.
Cynthia Kropac, Safaricom’s Chief Enterprise Business Officer, also addressed the vulnerabilities of micro, small, and medium enterprises (MSMEs), noting their limited resources and understanding of cybersecurity risks. “With increasing digitalization, MSMEs are particularly susceptible to cyber threats. It is vital to equip them with knowledge and hands-on training to recognize and combat these dangers, enhancing their cyber resilience,” she emphasized.
As the summit unfolds, participants are poised to engage in vital discussions, sharing insights and strategies to navigate the complex landscape of cybersecurity, ensuring that Kenya’s financial services and other sectors can thrive securely in a digital-first future.