How costly is neglecting cybercrime in Africa? Is Cyber security now an African pandemic that requires urgent attention?
A cyberattack is an attempt by an attacker or organization to breach the information system of another individual or organization. These attacks have been recorded in different instances across the globe.
While companies in most continents have begun implementing strategies to curb attacks, companies in Africa have been slow to address this threat.
A recent study conducted by ThoughtLab and co-sponsored by Elastic showed that although 1,200 businesses spend $125.2 billion combined on cybersecurity, cyber risk projects are not keeping pace with broader digital transformation efforts.
Most companies in Africa are operating without necessary cyber security protocols. In an interview with some companies in Africa on why the continent has been slow to set the pace or invest heavily in cyber security, the most frequent feedback is that Africa has not been faced with too many cyber security threats.
This feedback is however subject to review as cybercrime reduced GDPs across Africa by 10%, resulting in a $4 billion loss In 2021 alone.
Cybersecurity has gone past an IT problem and is fast becoming a global threat at an exponential speed. Many companies in Africa are unprepared for what is to come following the new trend of digital business across the continent.
While some of the top cyber threats are ransomware, online scams, digital extortion, business email compromise or BECs and botnets, research has shown that newer and costlier approaches will be adopted by attackers in future.
The earlier African companies begin to invest in cybersecurity the better. Electronic mail security and distributed denial of service protection will remain at the forefront of cybersecurity technology investments in the near future.
One Response
That is why we need to create awareness for the nation
you can share the article as well