The Minister of Communications, Ursula Owusu Ekuful, has revealed that Cybercrime cost the global economy as much as $600 billion in 2017.

The figure is likely to increase up to $21 trillion by 2021, she said at a press conference on Monday 14th October, 2019, in Accra.

At the press conference, she said: “Recent figures reveal that Cybercrime cost the global economy as much as $600 billion in 2017 and experts have predicted that, the cost of cybercrime is likely to hit $21 trillion by 2021 and 74% of all businesses can expect to be hacked in the coming year.

“Most African countries including Ghana are extremely vulnerable and are likely to have a greater share of these losses. Lack of IT standardization, lack of required skillset, inadequate technical measures, lack of general awareness on cyber risks are some of the reasons why Ghana we are all at risk. “

“The Criminal Investigation Department (CID) estimates that in the reported cases of cyber incidents, victims – both individuals and businesses, lost about USD105 Million in 2018. This figure excludes indirect costs as well as other incidents which were not detected and/or reported to law enforcement and other regulatory bodies.

“Reported cases of cybercrime include hacking into protected databases/systems, business fraud, social media impersonation/identify fraud, ransomware attacks, data leakages/breaches and online safety breaches involving children.

“Cyber-attacks continue to undermine digitalization efforts globally. In July this year, Bulgaria, with a population of 7 million became the target of a cyber attack that compromised the systems of its National Revenue Authority and exposed the National Identification Numbers of 5 million adult citizens. Records on revenues, tax, and social security payments dating as far back as 2007 were compromised.

“Maersk offices globally and the banking sector in several countries have suffered cyber-attacks. Reports of cyber interference in and hacking of electoral processes are increasing and a few weeks ago, the Brazilian president and hundreds of others had their cell phones hacked into. Residents in Johannesburg, the largest city in South Africa, were left in the dark for hours after the city’s power company got attacked by a ransomware virus which prevented prepaid customers from buying power.

“The unauthorized interference with our Computerised school placement system and the ensuing chaos that was orchestrated by some elements of our society at the Black Star Square is one incident that comes readily to mind. Similar attacks last year disrupted UK’s National Health Service and the Bangladeshi Central Bank lost eighty million dollars in a single attack.

“The list is endless. Similar incidents occur each day and Ghana needs to take proactive steps to protect its digital ecosystem. GIFMIS, HRMIS, e-governance infrastructure in health, education, the judicial service, procurement, payment systems, security systems, utilities etc. are all at risk of cyber attacks.”