Cyber threats against businesses on the increase

Joseph Quaye interacting with participants

With digitisation foremost on the agenda across various sectors of the economy, cyber criminals are also upping their game – for which reason security experts are calling for extra vigilance on cyber threats and their associated risks to businesses.

According to Joseph Quaye, a Cyber Security Analyst with the E-Crime Bureau, businesses are becoming easy targets for cyber criminals – largely due to global digital penetration.

Hitherto, fraudsters physically engaged business operators in their quest to defraud them; but the fact that businesses are increasing digitising their systems and processes – especially those in respect of money – criminally-minded persons are getting busier behind computers in order to defraud.

In some case, experts have found, such criminals succeed in breaking codes and accessing vital information through insider help. They thus caution organisations to be careful regarding which persons they allow to access sensitive cyber data or information.

Speaking to the B&FT at a one-day sensitisation seminar organised for members of the Ghana National Chamber of Commerce in Kumasi, Joseph Quaye said the more digital assets a business has the higher its risk of being breached – especially when the security is not strongly fortified.

These breaches, he observed, come in many forms but are largely dependent on the most used forms of business communication such as emails, text messages among others.

He said although gaining awareness about cybercrimes is an important step toward averting possible ‘hacks’, businesses also need to prioritise undertaking “basic cyber health checks” before operationising software they acquire for use.

Additionally, he advised that the first point of call when it is detected that systems have been compromised should be the service providers.

The Interim Vice Chairman of the Ashanti Regional branch of the Ghana National Chamber of Commerce, Stephen Acheampong, said it became necessary to collaborate with e-Crime Bureau – a cyber-security and investigations firm – to organise the workshop on ‘Cyber Security & Insider Risk’ given happenings within the global business space.

He said it was among other things aimed at building the capacity of members, while exposing them to the current state of cybercrime in the country and possible ways of averting it.

The programme sought to expose participants to key cyber threats and enable employers and employees to gain a general understanding of the various risks associated with the constant changes in the cyber landscape.

It also discussed issues of user-behaviour, effects on business operations, supporting systems, networks and data components, and best practices to prevent or mitigate these cyber risks.

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