By Henry Dennis CDFE (MCSE)
The growing importance of cybersecurity
We cannot overlook how much technology has simplified our lives today. The availability of fast, reliable internet and affordable smartphones has revolutionized businesses and empowered countless Ghanaians. Technology is now deeply integrated into our daily routines—from managing schedules, notes, and emails, and connecting on social media to joining virtual meetings.
Smartphones, in particular, have become indispensable, allowing us to open new bank accounts, receive remittances directly to mobile wallets, top up airtime and data, purchase electricity (ECG), and order groceries or food online—all from one device.
While these technologies have become woven into the very fabric of our lives, their security is often limited to physical protection.
Many businesses focus heavily on the physical security of data centers, servers, switches, routers, and other related hardware, often overlooking the critical importance of deploying firmware updates and security patches to prevent cyber-attacks.
In Ghana, numerous small and medium-sized companies rely on legacy applications, operating systems, and hardware that may no longer receive support from their original manufacturers (OEMs).
Similarly, most smartphone users prioritize protecting their devices from physical damage with phone cases and screen protectors. However, few fully recognize the value of the data stored on their phones or understand the risks they face if their device is compromised by a cyber-attack.
In today’s interconnected world, cybersecurity is no longer a topic reserved for tech experts and IT professionals. It has become a fundamental concern for businesses, governments, and individuals alike. As technology advances and becomes increasingly embedded in every aspect of daily life, protecting sensitive information from cyber threats has become crucial.
Cyber threats range from malware, phishing, and ransomware to complex social engineering attacks and nation-state cyber-espionage. According to industry reports, cybercrime could inflict damages exceeding $10 trillion annually by 2025, making it more profitable than the global drug trade.
As more devices connect to the Internet of Things (IoT) and as more services move to the cloud, vulnerabilities grow exponentially, necessitating robust cybersecurity measures to counteract increasingly sophisticated attacks.
Key cybersecurity threats:
Understanding the nature of current cybersecurity threats is the first step in developing effective defenses. Here are some of the most prevalent types:
Malware: Malware is a broad category that includes viruses, worms, Trojans, and ransomware. These programs are designed to damage systems or gain unauthorized access to networks. Ransomware, in particular, encrypts files and demands a ransom for their release, a tactic used increasingly in attacks on organizations and public infrastructure.
Malware may be injected into systems through software downloads, downloading of email attachments or even through sharing of files via Bluetooth.
Phishing: Phishing attacks involve tricking individuals into revealing personal or sensitive information by pretending to be a trustworthy source, often through emails or messages. Spear phishing, a more targeted approach, focuses on specific individuals or organizations, making it more difficult to detect.
Zero-day exploits: These attacks target unknown vulnerabilities in software before developers can fix them, giving attackers a “zero-day” window to exploit these weaknesses.
Distributed Denial of Service (DDoS): DDoS attacks flood a system with excessive traffic, overwhelming it and causing it to crash or become unavailable to legitimate users. This form of attack is frequently used to disrupt online services and harm businesses.
Insider threats: These threats come from individuals within an organization who have access to its systems and data. Insider threats can be intentional, where the individual maliciously harms the company, or unintentional, through negligence or lack of security awareness.
Man-in-the-middle attacks: In these attacks, a malicious actor intercepts communication between two parties to eavesdrop, manipulate data, or steal sensitive information. This can occur through unsecured public Wi-Fi networks or poorly configured devices.
Advanced Persistent Threats (APTs): APTs are prolonged, targeted cyberattacks where an attacker infiltrates a network and remains undetected for an extended period to steal data or monitor activities. They often target high-value data and are sophisticated, making them difficult to detect.
Why cyber security is important for the individual?
People who fall victim to cyber-attacks are often left clueless about how it happened. Many times, their devices are compromised due to outdated firmware or operating systems. Another common attack method involves spam callers who skillfully trick people into disclosing sensitive information, such as access tokens, OTPs (One-Time Passwords), or secret codes.
These scammers dial random numbers, hoping to reach unsuspecting targets. Some also obtain victims’ details from sources like Mobile Money merchants, restaurants, hotels, or stores where users have shared their contact information.
The growing number of mobile applications in key economic sectors such as energy, healthcare, banking, and finance, alongside the increasing acceptance of digital currencies like cryptocurrency, has expanded the threat landscape.
If a hacker gains access to a Google account, for example, the potential damage could be extensive. They could access a wealth of sensitive data, including emails, chats, banking apps, notes, contacts, passwords, photos, videos, and mobile money accounts.
While such scenarios seemed distant in the past, recent reports indicate that cyber fraud is on the rise in Ghana, and perpetrators no longer need deep technical expertise to commit these crimes. With hacking now available as a service on the web, cybercrime has become far more accessible to those with malicious intentions.
Why Cyber security is important for businesses?
In today’s digital age, businesses rely more than ever on data and online platforms to run smoothly, connect with customers, and expand their reach. However, with this reliance on technology comes the increasing threat of cyberattacks, data breaches, and other cybersecurity threats. As these threats grow in frequency and sophistication, investing in robust cybersecurity has become crucial for businesses of all sizes. Here is why cybersecurity is not just an option but a necessity for any business hoping to succeed.
- Protecting sensitive data
One of the primary reasons for implementing strong cybersecurity measures is to protect sensitive data. Businesses handle vast amounts of confidential information, including customer data, financial records, proprietary information, and employee details. A data breach could expose this sensitive information, leading to financial loss and serious harm to customers. Beyond the immediate impact, compromised data can also erode trust, making customers reluctant to engage with the business in the future.
In Ghana the Data Protection Act, mandates strict requirements on how businesses handle and protect customer data. Failure to comply can result in hefty fines and legal consequences, making data protection a legal as well as an ethical imperative for businesses.
- Preventing financial loss
Cybersecurity threats such as ransomware attacks, phishing schemes, and other malicious software can have severe financial repercussions. According to reports, the average cost of a data breach for businesses worldwide is around $4.24 million. Ransomware, in particular, has become a highly profitable business for cybercriminals who demand payments from companies to regain access to their data. Businesses that lack the necessary cybersecurity protections are easy targets and risk significant financial loss.
Moreover, beyond direct financial losses, cybersecurity incidents often lead to additional costs, including legal fees, regulatory fines, operational disruptions, and the need to implement stronger security measures post-breach.
- Safeguarding company reputation
Reputation is everything for a business. A single cybersecurity incident can tarnish a company’s reputation for years. Customers, partners, and investors are less likely to trust a business that has been compromised, especially if sensitive data was involved. When customers feel that their personal information is not safe, they may take their business elsewhere, harming the company’s long-term viability.
Negative publicity following a data breach can damage brand perception and consumer trust. Proactive cybersecurity measures demonstrate to customers and stakeholders that the business takes security seriously, which can serve as a competitive advantage in an environment where consumers are increasingly concerned about data privacy.
- Ensuring business continuity
A cyberattack can bring operations to a halt, especially for businesses that rely heavily on online systems, customer portals, and data-driven processes. Disruptions caused by cyber incidents can impact a company’s ability to serve customers, leading to lost sales, delayed projects, and a damaged reputation. By investing in cybersecurity, businesses are not only protecting their data but also ensuring that they can continue to operate, even in the face of potential cyber threats.
Cybersecurity measures that include regular data backups, incident response plans, and robust defense systems are critical components of business continuity strategies. They help minimize downtime and allow businesses to quickly recover and resume operations after a cyber-incident.
- Building customer trust
Trust is a fundamental component of customer relationships. Businesses that take proactive steps to secure their digital platforms and data not only protect their assets but also build customer trust. Customers are increasingly aware of cyber threats and are more likely to engage with companies that have a clear commitment to safeguarding their personal information.
When businesses prioritize cybersecurity, they signal to customers that they are invested in their privacy and security. This can lead to stronger, more loyal customer relationships and a positive brand image.
- Enabling safe adoption of new technologies
The digital landscape is rapidly evolving, with businesses adopting new technologies like cloud computing, artificial intelligence, and the Internet of Things (IoT) to streamline operations and improve customer experiences. However, new technologies often introduce new vulnerabilities. Cybersecurity enables businesses to adopt these innovations safely by securing digital environments and mitigating associated risks.
Without adequate security measures, these technologies can expose companies to potential cyberattacks. Strong cybersecurity protocols allow businesses to leverage modern technology confidently, maintaining a competitive edge without compromising security.
Cybersecurity secures the digital world, privacy, and compliance, while assuring trust in the functionality of services within the digital economy. Nowadays, for any organization dealing with sensitive data, investment in cybersecurity is no longer a choice but an imperative for operational resilience and customer trust.
The writer is the Deputy Head of IT, StarLife Assurance.
