Third World Countries are suffering greater incidences of cyber attacks

Examples of such countries are Botswana, Kenya, Rwanda, and Tanzania. Yet, digitalization comes with its responsibilities and problems. Many third world countries have not developed a reliable security system. These security systems back up digitalization, especially digital financial services (DFS). Hence, issues of cyber-attacks have become very rampant in these countries.

The situation is unfair, as these countries are homes to some of the poorest people in the world. Digital financial service providers bear the cost of cyber-attacks in developed nations. The masses (of which many are low-income earners) bear the cost in developing countries.

The system in many African countries does not protect communication. This problem serves as a pointer to why cyber-crimes in Africa doubled in 2017.

Malicious employees and agents are commonly singled out as causes. Yet, one would wonder the risks and mechanisms of cybercriminals. They break into the porous security systems of developing countries often. These crimes have massive financial implications.

Nigeria to implement cyber crime law. ece-auto-gen

Third Party Threats

For Digital Financial Services (DFS) to operate effectively, third-party services such as mobile networks and data storage solutions amongst others, are employed. Many a time, these service providers go beyond their limits. They use classified information for social engineering.

The third-party services in developing countries are careless. These people may not realize the sensitivity of the information they have. Thus, they may not have or use the necessary security defense against cyber-attacks. P.O.S systems also pose similar risks and this case study explains how to nip it in the bud.

A good step to tackling third party threats

Social Engineering

Social engineering is a prevalent fraudulent means in developing countries. The cybercriminal deceives the victim into downloading malware. In some cases, they make them divulge sensitive information. Thus, the criminal gains access to the account of a vulnerable customer.

Cybercriminals use personal information of careless or unaware employees in gaining access to systems too. An example of such information is their access code. The customers and providers are potential victims of social engineering. Strong awareness campaigns put an end to these frauds. A system that double-checks sensitive transactions is helpful too

Outages

System outages result during system upgrades. After several of such upgrades, customers usually find imbalances in their accounts. Outages divert the attention of the system operating the digital financial services. This situation makes it easier to commit cyber frauds. Putting an excellent incident response plan in place for emergency situations works too.

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Data Breaches

Data breaches lead to many stolen identities. Hackers steal log-in credentials, identification numbers, and credit card numbers. Poor system log monitoring and weak patch management systems are causes of data breach. The reputation of the provider and the trust of the customer are also at stake here. A certified 24/7 system log in monitoring and strong encryption data at rest and in transit are great solutions. A regular update of systems and software are also great solutions to data breaches.

CONCLUSION

Mistrust in the integrity of digital financial service providers results from the cyber-attack. Evolution on the digital scene is excellent. Yet, it is crucial for developing countries to invest in cybersecurity solutions. Cyber-attacks remain as potential harm to the economic growth of any country. In 2017, the most significant losses from successful cyber-attacks in Africa hit the mobile financial services sector. Investments in cybersecurity reduce the incidence of such losses.

We look forward to a more secured future.

Written by Demi Oye.

Demi is a professional copywriter, Brand Strategist, and Digital marketing expert for businesses and startups. Demi also runs a copywriting and digital marketing agency called with footprints in the finance, blockchain and marketing sectors. You can reach out to Demi at info@liveandwingit.com.