At the Connected Banking East Africa Summit 2025, Kaspersky emphasized the urgent need for financial institutions to adopt proactive cybersecurity strategies. With rising cyber threats fueled by AI, digital transactions, and open banking, experts from Kaspersky highlighted the evolving risks and solutions for securing East Africa’s financial sector.
Rising Cyber Threats in Finance
Kaspersky’s latest threat intelligence data reveals a surge in cyberattacks globally and across Africa. In 2024, the company detected 467,000 malicious files daily, a 14% increase from the previous year. In Kenya, ransomware attacks surged by 19%, detected exploits rose by 55%, and password-stealing malware grew by nearly 10%.
A growing concern is the expansion of banking trojans, such as the Grandoreiro trojan, which has spread from Latin America to Africa, targeting over 1,700 financial institutions and 276 cryptocurrency wallets in 45 countries, including Kenya, Nigeria, South Africa, and Tanzania.
The Cost of Cybercrime in Finance
“The financial sector’s rapid digitisation makes it a prime target for cybercriminals,” said Bethwel Opil, Enterprise Client Lead at Kaspersky Africa. “Breaches in this industry are the second costliest worldwide, following healthcare. Financial institutions must enhance their security strategies to protect customers and critical assets.”
AI as a Tool for Both Security and Threats
Speaking at the Summit, Andrey Semenyuchenko, Head of Corporate Security Solutions at Kaspersky, highlighted AI’s dual role in finance. While AI-powered technologies help businesses streamline operations and enhance customer service, cybercriminals leverage AI for phishing, deepfake scams, and business email compromise attacks. In Africa, finance is the most targeted sector for Business Email Compromise [BEC] attacks.
Deepfake scams, in particular, pose a risk by bypassing biometric authentication and exploiting human error. Fraudulent schemes targeting real-time payment systems and fake instant payment apps are also increasing, with banking trojan attacks on smartphones surging 196% globally in 2024.
A Call for a Multi-Layered Security Strategy
“Cybercriminals exploit open banking infrastructure, digital transactions, and cloud-based banking, making a holistic cybersecurity approach essential,” added Semenyuchenko. “Financial institutions must implement multi-layered security measures, including Extended Detection and Response [XDR], AI-driven threat monitoring, and cybersecurity education.”
With cyber threats evolving, Kaspersky urges East Africa’s financial institutions to stay ahead by investing in advanced security technologies and fostering a culture of cybersecurity awareness.
