The World Bank is urging the government to invest in raising cyber security awareness and to build cybersecurity expertise and capacity.

The Bank’s Country Director to Ghana, Henry Kerali said the Bank is collaborating with African countries that have been recording significant cyber fraud to implement policies aimed at reducing the attack.

He was speaking at the official climax of the National Cyber Security Awareness Month 2018 in Accra.

He said, “Transition from traditional to digital economies remains particularly critical for developing economies as it enables faster growth, offers innovative products and services, creates jobs and boosts economic competitiveness, thereby reducing poverty and boosting prosperity…

Africa, which has yet to develop a robust digital economy, has lost an estimated $3.5 billion to cybersecurity attacks over the past few years,” he noted.

Mr Kerali said whilst countries are focused on building their digital economies, cyber attackers continue to enhance their skills to match these digital advancements and thereby take advantage of the opportunities provided by the internet and other disruptive technologies.

“Within a short period of time, cyber attackers have advanced to a sophisticated level, whilst most countries still have only rudimentary protection levels,” he added.

He asked governments to invest in raising cyber security awareness and building cyber security expertise and capacity, otherwise, they would remain vulnerable to attacks with the ensuing financial losses and reputational risks.

The World Bank Group has identified cybersecurity as a critical element to foster digital development and implement the digital economy agenda in developing countries.

Individual developing countries have limited financial and technical resources to invest in sophisticated cybersecurity protection.

The World Bank Group has identified cybersecurity as a critical element to foster digital development and implement the digital economy agenda in developing countries.

On her part, Minister for Communication's, Ursula Owusu-Ekuful said Ghana police are unable to investigate 90 per cent of cyber fraud cases reported due to fake identification.

The National Cyber Security Awareness Month is an initiative to create awareness about the effects of cyber-attacks.