Kenya’s Savings and Credit Cooperatives (SACCOs) have been urged to reinforce their digital security systems in the wake of a sharp rise in cyberattacks, with over a billion incidents reported within just three months.

The increasing threat has highlighted the need for a technological overhaul, alongside targeted training for staff to shield Saccos from potentially crippling cyber threats.

Recent data from the Communications Authority of Kenya revealed a troubling 16.5 per cent increase in cyberattacks, with incidents soaring from 971.4 million in early 2024 to a staggering 1.1 billion between April and June.

These findings have raised alarms, particularly for Saccos, which manage vast financial transactions and hold sensitive member data, making them prime targets for cybercriminals.

Herbert Njoroge, Manager of PricewaterhouseCoopers Kenya Legal Business Solutions Unit, has sounded the alarm, stressing the importance of proactive measures.

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“Training on evolving risks and technology is essential for the continuity of SACCO operations,” Njoroge remarked, pointing to the urgent need for SACCOs to upskill their teams to better understand and combat emerging cyber threats.

The growing reliance on digital platforms has exposed SACCOos to a host of vulnerabilities, ranging from data breaches and ransomware attacks to sophisticated financial fraud schemes.

Njoroge emphasised that securing these platforms is now a critical aspect of maintaining the trust of SACCO members.

“Securing their digital infrastructure will be crucial for maintaining member trust and protecting against potentially devastating cyberattacks,” he said.

As SACCOs continue to play a pivotal role in promoting financial inclusion across the country, the challenge now lies in ensuring that their technological systems are robust enough to fend off these increasingly complex attacks.

Strengthening both infrastructure and personnel training will be key to safeguarding the future of these financial institutions and the millions of Kenyans who rely on them.