The majority of SACCOs in Kenya are struggling to comply with the requirements of the data protection act and manage the information they obtain from members and customers.
This is according to the latest report by cybersecurity consulting firm Serianu.
The report shows that despite more SACCOs embracing digital technology in their operations, the level of unpreparedness to implement the data protection law for their members and customers remains high within the sector.
Serianu Chief Operating Officer Joseph Mathenge says SACCOs risk losing over Ksh.10 million due to inadequate security systems, in addition to Ksh.5 million in penalties for failure to implement the act.
Speaking during the official launch of the report in Nairobi, Dr. Catherine Ngahu, the executive chair of the SBO Research called on Kenyan SACCOs to share technology infrastructure within themselves in order to achieve larger economies of scale and implementing better member engagement programs.
A 2017 survey indicated that cybercrime cost the Kenyan economy over Ksh.22 billion even with 97 percent of all SACCOs in Kenya spending less than 97 percent of SACCOs in Kenya spending less than a million every year on cybersecurity.
