Cyber Threat Intelligence Strategy and Combating Banking Fraud in Kenya

• Evans Ombati Onchweri

  National Defence University - Kenya

  Author

The banking sector is constantly changing due to technological advancements, the internet, and reliance on Information, Communication, and Technology (ICT). The rapid change has created new opportunities for banks to extend banking services to their customers from anywhere in the world at any time. On the other hand, several cybersecurity risks and vulnerabilities have also emerged. Almost every financial institution is currently battling an increase in banking fraud cases. This paper aimed to assess how Cyber Threat Intelligence Strategy combats banking fraud. To realise its objective, the paper adopted a descriptive survey design. Reliability of the research tools was confirmed using Cronbach’s alpha. The eleven banks listed on the Nairobi Stock Exchange in Kenya were among the study’s target population, and it was from this group that a sample of 123 employees was chosen through scientific means. Data were collected using questionnaires and analysed using SPSS software. Various statistical tests were used to test for the nature of relationships between the variables under investigation. The results show that R2 was .500, which indicates that the Cyber Threat Intelligence Strategy contributes 50.0% of the total variability in the dependent variable (Combating Banking Fraud). The results of the Analysis of Variance indicated that the Cyber Threat Intelligence Strategy had a statistically significant impact on combating banking fraud because the p-value was .000, which is below the 5% threshold. Therefore, it is key that the banks have a Cyber Threat Intelligence Strategy to effectively combat banking fraud.

1. Evans Ombati Onchweri, National Defence University - Kenya

   Colonel Evans Ombati Onchweri is a senior officer in the Kenya Defence Forces (KDF) with expertise in cybersecurity, intelligence, and computing. Currently, he serves as the Colonel of Research at the Centre for Security and Strategic Studies (CSSS) at the National Defence University-Kenya (NDU-K). Previously, he was the Director at the National Computer and Cybercrimes Coordination Committee (NC4) and served as the Senior Officer in charge of Technical Intelligence at Defence Headquarters. He holds a Master of Science in ICT Policy and Regulation and a Bachelor of Science in Computer Science and has completed various military education programs.

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