African Media Law (Media/Law) | 20 April 2011
Cybersecurity in East Africa: Threats and Mitigation Strategies for Financial Systems
K, a, r, i, n, e, N, g, u, i, v, u, ,, M, é, l, i, n, a, R, a, v, o, a, c, a, ,, R, o, l, a, n, d, V, i, l, i
Abstract
Cybersecurity threats to financial systems are on the rise globally, with East Africa facing unique challenges due to its geographic and socio-economic conditions. The study employed a mixed-method approach, integrating qualitative interviews with quantitative data analysis on cyber-attack patterns and system vulnerabilities. Analysis revealed that over 40% of cyber-attacks targeted financial institutions in Seychelles, primarily leveraging phishing tactics and SQL injection attacks. The average time to detect breaches was approximately 24 hours. Despite the identified threats, a robust cybersecurity framework can significantly reduce vulnerabilities and improve response times. A comprehensive cybersecurity strategy should include regular security audits, employee training programmes, and partnerships with international cybersecurity firms for advanced threat detection. Model estimation used $\hat{\theta}=argmin<em>{\theta}\sum</em>i\ell(y<em>i,f</em>\theta(x<em>i))+\lambda\lVert\theta\rVert</em>2^2$, with performance evaluated using out-of-sample error.