Meeting the Challenge of Cyber Threats in Emerging Electronic Transaction Technologies in in Kenyan Banking Sector

Abstract

The purpose of the study was to investigate how to meet the challenges pf cyber threats in the emerging electronic transaction systems in the Kenyan banking sector. The study addressed the following objectives: To establish ICT security threats facing electronic transactions in the cyber space, to establish factors that influence Cyber security threats on Electronic transaction and finally to establish a cyber-security model for adoption of ICT security on Electronic transaction by the banking sector in Kenya. The research design used was descriptive. The results showed data was collected from 41 ICT experts. To select the respondents for this study, random sampling technique was used. Primary data was first edited, coded and then analyzed using Microsoft Excel and SPSS computer packages. The interpreted data was grouped into common themes and was presented in the form of pie-charts, percentages, figures, tables and bar graphs. The study found out that the cyber-crime rate has increased in the past 12 months with most 80% of attacks originating from China and Kenya itself. The study also found out that cyber-crime is mostly perpetrated by one of the bank staff knowingly or unknowing. Thus the need for cyber training for most if not all the banking staff. The study also finds that weak systems and ICT security structures and policies are another causes of penetration and cyber-attacks.