05/06/2022
The provision of cyber security services is one of the most lucrative businesses in Uganda.
According to Mr Arnold Mangeni, the NITA-U director, information security Cyber fraud had increased from 62 cases in 2013, to 198 in 2018 with the commonest attack being electronic fraud, threatening violence, defamation, offensive communication, impersonation, cyber harassment, theft and po*******hy, among others.
In 2020 local mobile money service providers Airtel and MTN lost billions of dollars when hackers infiltrated a third party service provider -Pegasus.
Ugandan banks have been subject to huge losses due to cyberattacks in recent years. In 2021 reports show that banks in Uganda lost $3.9b dollar to cyber related crimes.
Uganda like any other African country is still a bit lacking in its technological advancements, that's why hackers think its an easy target to frustrate its financial sector.
It's due to these factors that institutions are willing to pay a high price for their security making cyber security business very profitable.
