Business highlights May 17 2017

Business highlights May 17 2017

Wakhungu: KAM exaggerating job loss numbers

 

The cabinet secretary  for Environment and Natural Resources, Prof. Judy Wakhungu, has accused manufacturers of inflating the number of expected job losses following the ban on plastic bags.

In a legal notice published on February 28, the CS announced a ban on commercial and domestic use of the bags beginning September this year.

Wakhungu accused the Kenya Association of Manufacturers (KAM) of exaggerating the numbers, saying that the number of jobs created will be more than that of jobs lost.

KAM had estimated the number of jobs to be lost to be 600,000 jobs in indirect employment through retailers, wholesalers and agents.

READ ALSO: KEBS to cancel permits for manufacturers of plastic bags

SuperSport lays off employees

South African based broadcaster, SuperSport, has this month laid off up to 100 Kenyan employees.

Among those affected are presenters, technicians, camera crew, office cleaners, sports analysts, and freelancers.

Earlier on, SuperSport withdrew their Sh300 million a year support for the Kenyan Premier League (KPL) due to the ceaseless politics in the management of Kenyan football.

The termination of the contract has thrown Kenyan football into a crisis, as the broadcaster had been a major revenue source for local football clubs that depended on the TV money for salaries for players.

 

‘Over-secrecy’ spells cyber doom for Kenyan private firms

Kenyan private firms are at greater risk of suffering cyber-attacks due to their high levels of secrecy.

The practice which hinders sharing of information magnifies the risk in case of a cyber-attack, further deterring the implementation of best practices.

According to an ICT report released on 26th April, only 28.2 per cent of private firms reported online crime with 96 per cent investing either nothing or less than $5,000 (Sh516,000 ) annually in building systems to combat cyber-crimes.

READ ALSO: Report: Firms lost 20% of revenue to cyber-crime in 2016

The report also indicates that 43.4 per cent of public sector organisations reported having an ICT security policy compared to 35.9 per cent private enterprises.

This comes on the backdrop of the global cyber security threat known as Ransomware that has so far seen over 200,000 computers locked in more than 150 countries.

Through the computer malware, the attackers have been demanding $300 (Sh30,960 ) ransom to unlock devices payable in the global cryptocurrency known as bitcoin.

“Unfortunately I can report that there has been one case in Kenya as well. The government has been on high alert and is keen on following this development to ensure that it does not spread to many Kenyan firms,” Ministry of Information and Communications Technology CS Joe Mucheru said during the forum.

Mucheru said that cyber security reporting had to be industry driven as the ICT state department has no mandate to force firms to report online crimes adding that statistics were coming in slowly but not all private sector firms were willing to share information.

“Even if we put policies and laws in place, if people do not feel confident enough to come out and actually say there has been a crime here on cyber security, by law we can’t necessarily force you to report,” Mucheru said.

He urged all Kenyans to be extra vigilant especially organisations in the financial services sector who he said were particularly vulnerable due to their significant reliance on technology to link to each other, to financial markets, and to other sectors of the economy.

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