NAIROBI, Kenya- In a bold move to reinforce cybersecurity in Kenya, Safaricom has kicked off its two-day Cybersecurity Summit, drawing nearly 500 professionals from across sectors to address the escalating cyber threats facing the financial services industry.
Under the theme “Secure Innovation, Unstoppable Growth for Kenyan Financial Services”, the event spotlights the importance of adopting cutting-edge security solutions to protect sensitive data and critical infrastructures.
As the stakes rise, Safaricom and its partners emphasize the urgent need for vigilance and investment in robust cybersecurity measures.
Safaricom CEO Peter Ndegwa opened the summit by highlighting the company’s dedication to empowering organizations through innovative cybersecurity solutions.
“At Safaricom, we provide solutions that connect, protect, enable, and transform businesses, ensuring continuity even in the face of cyberattacks,” Ndegwa remarked.
The summit serves as a platform for industry leaders and decision-makers to discuss both the potential and the responsibilities tied to digital growth, focusing on safeguarding Kenya’s increasingly digital economy.
Safaricom has made significant strides in reinforcing cybersecurity within Kenya’s financial sector, seeking to build resilience against the high frequency of cyber threats observed globally.
According to Interpol’s African Cyberthreat Assessment 2024, the continent faces the highest weekly cyberattack rate per organization, underscoring the critical role of enhanced security frameworks across African nations.
The summit brings to light the alarming rise in sophisticated cyber threats targeting financial systems—a topic tackled by Ramakrishna Balagopa, Vice President Business – EMEA at SISA.
He highlighted the proliferation of ransomware and phishing attacks that, more than ever, aim to compromise sensitive financial data and assets.
“These attacks are becoming more personalized and targeted, aiming to compromise sensitive data and financial assets. It is imperative for organizations to leverage emerging technologies to enhance cybersecurity resilience,” Balagopa noted.
With the integration of advanced digital tools, hackers are increasingly using sophisticated techniques, making it essential for businesses to invest in cybersecurity not as an afterthought but as a core component of their operational framework.
The threat landscape continues to expand alongside digitalization, particularly with the rise of artificial intelligence, Internet of Things (IoT) devices, and other tech advancements, which create both opportunities and vulnerabilities.
The summit also sheds light on the unique challenges faced by micro, small, and medium enterprises (MSMEs), which often lack the resources or awareness to address their cybersecurity needs effectively.
Cynthia Kropac, Safaricom’s Chief Enterprise Business Officer, highlighted these vulnerabilities, emphasizing that with limited budgets and expertise, MSMEs remain easy targets for cybercriminals.
“With global digitalization, MSMEs remain particularly vulnerable due to limited awareness of security risks and restricted capital allocation for cybersecurity measures,” she noted.
In Kenya alone, the Communications Authority of Kenya reported over 1.1 billion detected cyber threat events between April and June 2024, largely driven by weak system configurations, outdated software, and growing usage of IoT devices.
These findings underscore the urgency for MSMEs to understand the risks and allocate resources to cybersecurity.
Safaricom’s Cybersecurity Summit serves as both a warning and a roadmap, encouraging businesses and institutions to rethink their cybersecurity strategies as digital threats grow more sophisticated.
By fostering collaboration and awareness, Safaricom and its industry partners aim to cultivate a security-first mindset that can sustain Kenya’s digital transformation while minimizing risks.
