Cybercrime, Cyber Security and the Economy

In the recent past, Kenya has experienced exponential growth in its cyberspace. It is estimated that about 42% of the Kenyan population has access to the internet as of January 2022. Further, many institutions within the public and private sectors are now providing their services in the digital space through online platforms. This has created great opportunities for commerce as well as networking for individuals across the various social platforms. Thus, the Kenyan economy is now heavily reliant on technology. The rapid advancement within cyberspace and use of technology has exacerbated vulnerabilities, threats, and attacks in the cyberspace. This paper takes a two-pronged approach to cybersecurity through legal and economic lenses by examining the extent of cybercrime and threats that have become a great challenge to the security of cyberspace as well as its consequences. It also analyses the legal and policy framework for cybersecurity in the country. This research was conducted through a review of literature and data on the subject. The findings herein indicate that Kenya is experiencing high numbers of cybercrime, attacks, and threats targeting institutions as well as individuals, which has resulted in significant losses to the economy, institutions, and individuals. The paper recommends adoption of cybersecurity measures to effectively mitigate the effects of these cyber threats and attacks.