INTERNET OF THINGS AND CYBER ATTACKS AMONG FINTECH COMPANIES IN KENYA

Maryanne Wanjiru Karanja, Dr. Purity Gatobu

Abstract


In the advent of technological growth, information and communication growth, the internet security has become an issue of significant importance attracting the attention of cyber security experts, governments, organizations and individuals. Cyber security has become an issue of great concern to policymakers, organizations, governments, and people yet it has received little attention in empirical literature. Cyber insecurity has resulted to data loss, financial loss, cyber bulling, drive in crime among other problems. The general objective is to establish the effect of internet of things and cyber security on Fintech companies in Kenya. The specific objectives were to analyze the effect of security configuration on cyber security among Fintech companies in Kenya and to establish the effect of system configuration on cyber security among Fintech companies in Kenya. The study employed mixed method research design by incorporating both quantitative and qualitative research. The study population were 66 Fintech companies in Kenya. The study adopted a census approach covering all the 66 information technology managers in the 66 Fintech companies in Kenya. This study employed a semi structured questionnaire and secondary data collection template. The data collected were analyzed using descriptive statistics including mean, modes and measures of dispersion. Further, based on the Common Vulnerability Scoring System ranking, the data was analyzed to provide a combined risk rating and score. Regression model was employed to determine the effect of internet of things on cyber security of Fintech companies in Kenya. Upon data analysis the study concluded that security configuration and security configuration in the Fintech companies are significant determinants of the prevalence of cyber-attacks among the Fintech companies in Kenya. The study recommended that the companies should also ensure that their IoT devices are kept as current as possible and are adequately protected from threats. The Communication Authority of Kenya ought to enact policies that would ensure that genuine IoT devices are allowed to be introduced in Kenya. Furthermore, the Fintech firms ought to ensure that they put in place policies that would ensure that their software are sourced from genuine sources.

Key Words: Internet of Things, Cyber Security, Fintech companies, Security Configuration, System Configuration


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