With the high rate of technological advancement and cybercrime in African countries, there is a growing need to invest in cyber security.

What is Cyber Security?

Cyber security is the protection of computer framework systems, networks, and confidential materials against malicious attacks. It is a practice that prevents information leakage, disclosure, theft of, or damage to personal hardware, software, or electronic data.

The information security (IT Security) field has become globally significant, especially in developed countries, because of the exponential increase in technological advancements. These advancements include computer systems, the Internet, wireless network standards (Wi-Fi), “smart” devices (mobile phones, tablets, televisions), and other devices that build and connect to the Internet of things.

However, Africa’s adoption of cyber security is slow despite the constant reportage of cyber scams.

What Are the Impact of Cybercrime on African Countries Economic?

The cyber scam is one of the challenges African countries face, and the continent needs to take drastic measures to curb this menace by investing heavily in cyber security.

In addition, African countries have seen an increase in reports of cybercrime. A 2021 report showed that cybercrime reduced GDP within Africa by more than 10% leading to an estimated $4.12 billion loss.

The delayed investment in cyber security continues to affect the continent’s economic growth as different countries have experienced cyber attacks in recent years.

In 2020, a report revealed that South Africa lost roughly $147 million placing them as the third-highest number of cybercrime victims worldwide. Ethiopia also recently reported an alarming increase in cyberattacks as the country witnessed an estimated 2,800 cyber-attack attempts in 2020/2021. Thus, Africa has lost funds due to these visible attacks.

Why African Countries Should Invest in Cyber Security?

The importance of investing in cyber security is critical to Africa’s economic growth because it is the security backbone for major sectors.

It safeguards all types of data from theft and harm.

Sensitive data, individually confidential information, protected health information, personal information, intellectual property, data, and government and industrial information systems are all examples. When African countries heavily invest in cyber security, these vital data will be safeguarded from the wrong hands.

While some countries have begun to set the pace in the adoption of cyber security measures, the adoption process has been rather slow making it difficult to measure the impact. Ghana for example is investing heavily in cybersecurity models.

The Central Bank of Nigeria has also recently made substantial progress in boosting cybersecurity for the country’s financial sector.

However, improved awareness, capacity development, and coordination are still required to maintain cyber security resilience.

Digital Transformation and Its Links to Cyber Security.

Cybercrime affects all countries, but African countries are particularly vulnerable because of their inadequate networks and security.

While Africa has an estimated 500 million Internet users, this only accounts for 38% of the population, indicating significant room for expansion.

Africa boasts of the world’s fastest-growing telephone and internet networks, and the most widespread mobile banking services adoption. Unfortunately, this expansion has also stirred vulnerabilities as reports estimate that one in nine Android mobile phones in Nigeria has malware-infected applications.

You can get malicious Bots and spyware online through social media, web search engine surveillance, and filers. Unsuspecting victims receive these bots, spread the virus, and generate illegal money.

In a Nutshell: Invest in Cyber Security

The increased digital demand, combined with a lack of cyber security policies and standards, puts online services at risk.

Therefore, it is vital to put in place a solid cybersecurity framework that integrates into all societal sectors, including government, finance, business, and critical infrastructure.

Finally, African countries should adopt cyber security methods such as ethical hacking, Bug Bounty Program, SOC Analysis, and Vulnerability Assessment to increase data availability, confidentiality, and integrity.