Tech

Security group warns of increase in cyber-attacks on financial institutions

Security

The Cyber Security Expert Association Ghana (CEAG) has projected that there is likely to be an increase in cyber-attacks on financial institutions in 2023 in the country.

According to the group, individuals in financial institutions may be tricked into giving sensitive information that will compromise their security.

In a statement, the group predicted, “An increase in social engineering techniques, which may involve tricking individuals or institutions into divulging sensitive information or performing actions that compromise their security, often through emails, instant messaging apps, and other social media handles”.

The statement urged institutions using digital infrastructure to prioritize cybersecurity by taking necessary steps to protect themselves.

“Additionally, all institutions using digital infrastructure should prioritize cybersecurity and take necessary steps to protect themselves and their users by implementing cybersecurity policies and yearly refresher training,” the statement reiterated.

It said aggressive attempts to extort money from mobile users will be on the rise.

“More extortion attempts using aggressive tactics targeting mobile money users. An increase in cyber-attacks on financial institutions is projected to occur in Ghana,” CEAG President, Abubakar Issaka in the statement said.

It further admonished Ghanaians to be cautious when using the internet and sharing personal information online.

“To combat these threats, the Cyber Security Expert Association Ghana urges Ghanaians to remain vigilant and cautious when using the internet and sharing personal information online. We also encourage everyone to educate themselves about cyber threats and take necessary precautions to protect themselves and their families,” the group advised.

The group added that human error that will result in accidental download of malware or clicks on malicious websites will also be on the rise, advising Ghanaians to use strong passwords for their phones and other social media handles.

“Human error is predicted to continue to be a major factor in cyber security threats for 2023. People may accidentally download malware or click on links leading to malicious websites, or neglect to follow proper security protocols such as using strong passwords and enabling two-factor authentication,” the statement entreated.

Amenorhu kwaku
Amenorhu Kwaku

Amenorhu kwaku is an author, internet marketer and entrepreneur. He is the founder of SuccessValley, a network community for students and aspiring entrepreneurs