Ghana lost US$105 million to cyber-crime in 2018 – CID

Most recent figures from the Cyber-Crime Unit of the Criminal Investigations Department of the Ghana Police Service has demonstrated that cash lost to digital fraudsters expanded from US$35million in 2016 to US$105million in 2018.

Dr. Gustav Yankson, Director of the Cybercrime Unit of the Criminal Investigation Department, Ghana Police Service who uncovered this said it added to the US$69 million lost in 2017.

Conveying the keynote address at the lady release of the Ghana Insurers Association’s (GIA) Information Technology Conference under the topic: “Rising pattern space and effect of cybersecurity dangers on the protection business”, a Cyber expert with e-wrongdoing Bureau Philemon Hini contended it is time heads of establishments in the nation lead the battle against digital wrongdoing by organizing interests in IT arrangements.

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

The Information Technology Conference by the Ghana Insurers Association’s brought together leading personalities in Ghana’s insurance sector to deliberate on the steps that need to be taken to protect insurance companies from the scourge of cybercrime.

On his part, the Managing Director (MD) of SIC Insurance Company Limited Stephen Oduro, stated that insurance companies must protect their data with improved investment into IT systems to prevent cyber fraud.

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

For Abena Biney, a partner at leading audit firm Deloitte, 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.

“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.”

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