Securing ones digital Identity is a right step towards fighting cybercrime

A digital identity is information on an entity used by computer systems to represent an external agent. That agent may be a person, organization, application, or device.

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As the world continues to become more digitised, people are finding themselves interacting with ICTs daily, especially with mobile and internet penetration soaring globally. This continued interaction with ICTs leads to people leaving digital traces of themselves, which intern becomes their digital identity. While this might not seem like a big deal, it is when this information is not secured that cybercriminals can exploit.

According to a recent report by GSMA, mobile internet traffic now accounts for more than half of all global online traffic, reaching 51.2% of the world’s total this year. There are now 8.8 billion mobile connections globally, among over 5 billion individual mobile subscribers.

CIO East Africa will be hosting the East Africa Fintech Summit from the 22nd- 23rd of May 2019, click here to register for the event and learn more about Fintech.

“With this proliferation of connections however comes, unfortunately, greatly increased opportunities for cybercrime. Cybercrime is now estimated to cost around $600 billion per year globally, an increase of some $100 billion from 2014, bringing revenues lost to cybercrime to 0.8% of global GDP,” the report continues.

Finance is one of the most hit industry when it comes to cybercrime; a reason for this is because as financial institutions continue to digitize their core functions, cybercriminals are ready to pounce on any unprotected data to exploit.

CIO East Africa will be hosting the East Africa Fintech Summit from the 22nd- 23rd of May 2019, click here to register for the event and learn more about Fintech.

While consumers want the best services readily accessible to them, they need these services to be secure and this can’t just be the work of the institutions alone.   GSMA goes on to inform that this trend has not escaped consumers’ notice – online customers are increasingly wary of the uses to which their personal details and information are put, and increasingly reluctant to risk losing control of their online identities. So, atleast there is a light at the end of the tunnel.

To learn more about how to secure your digital identity, CIO East Africa will be hosting the East Africa Fintech Summit from the 22nd- 23rd of May 2019, click here to register for the event and learn more about Fintech, where this topic will be covered under “ROAD TO PROTECTING DIGITAL ID IN DIGITAL ECONOMY”.

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