Cybercrime has evolved into a multibillion-dollar industry - Kwame Acheamfuor

The activities of cyber criminals remain a major concern for both individuals and businesses as huge sums of money are lost to these fraudsters.

Addressing this issue that has emerged in Africa, of which Ghana is no exception, the Director of International Affairs at the Ministry of Communications and Digitalization, Kwame Baah Acheamfuor, has expressed concern about the increasing rate of cybercrime in recent years.

He argues that cybercrime has become a highly profitable business, with criminals exploiting the vulnerabilities of people and businesses.

He also mentioned Business Email Compromise (BEC), phishing, banking trojans, stealers, crime-as-a-service, and cyber extortion as some of the prevalent cybercrimes.

Speaking at the 2024 Regional Cyber Drill for Africa in Accra on September 4, 2024, Kwame Acheamfuor noted a significant increase in cyberattacks compared to data reported in 2022, where an incident occurred every 44 seconds.

"The Director of International Affairs at the Ministry of Communications and Digitalization stated, “Cybercrime has evolved into a multibillion-dollar industry, with threats such as Business Email Compromise (BEC), Phishing, Banking Trojans and Stealers, Crime-as-a service and Cyber Extortion becoming increasingly prevalent. Ransomware was identified as a critical emerging threat that targets critical infrastructure with significant financial implications.”

"This is a significant increase in cyberattacks compared to data reported in 2022, where an incident occurred every 44 seconds. These stark figures underscore the critical challenge we face as the world continues to rely on ICT and digitalization," he emphasised.

Acheamfuor further stated that, "The convergence of these trends highlights a crucial moment in our digital evolution — where substantial risks temper the promise of technological advancement. As we forge ahead, it is imperative to address these security threats while harnessing the vast potential for progress."

He indicated that the 2024 Regional Cyber Drill for Africa is a strategic move to ensure that Ghana remains vigilant and resilient in the face of escalating cyber threats.







SA/MA