Sophisticated malware, software security breaches, mobile scams—the list of cybercrime threats is growing. Yet African nations continue to fall short of protecting themselves and must constantly grapple with the impact. A new study from IT services firm Serianu shows the pervasive nature of cybercrime across the continent, affecting businesses, individuals, families, financial institutions, and government agencies. The study shows how weak security architectures, the scarcity of skilled personnel and a lack of awareness and strict regulations have increased vulnerability. Cybercrime cost the continent an estimated $3.5 billion in 2017. The report found more than 90% of African businesses were operating below the cybersecurity “poverty line”—meaning they couldn’t adequately protec
African businesses need to take more decisive steps to prioritise data protection and enhance enterprise security in order to mitigate the high cost of cyberattacks. Ken Munyi, Country Manager at iWayAfrica Kenya says the millions of cyberattacks that take place every year across the continent are cause for concern, particularly for Africa’s larger economies such as South Africa and Nigeria, as well as Kenya which was ranked as the 69th most vulnerable country in the Global Threat Index out of 127 nations, last year. “Guaranteeing data protection is vitally important for minimising financial loss while also complying with regulatory requirements and meeting customer expectations. Organisations need to take a proactive approach to enterprise security and view it as a strategic inves
Internet technology in emerging markets has received far less attention but has major implications for economic growth and social progress. We recently studied the impact of the Internet on what we call “aspiring countries,” defined as having the economic size and dynamism to be significant players on the global stage in the near future and achieve levels of prosperity approaching those of the advanced economies. “Internet entrepreneurs in aspiring countries are often also social entrepreneurs, in that they create the ecosystem that allows individuals, enterprises, and governments to play a bigger role in the Internet economy.” According to Voices , Internet entrepreneurs in aspiring countries are often also social entrepreneurs, in that they create the ecosystem that al
With the drastic technological improvements in this digital era, the African continent has become more interactive due to the improved connectivity and easy availability of technological tools. The improved connectivity has left the continent more vulnerable to all kinds of cyber space attacks. The 2015 Cyber Security Report indicates that Globally, Africa is the least affected continent in terms of cyber security but this is a trend that will change with time. The study shows that there has been an increased number of cyber-criminal especially from Nigeria, Rwanda and Kenya a clear indication that Africa is rapidly opening up and becoming a source of cyber-criminal and tools. The cyber-criminals are intelligent and everchanging. They employ tricks and skills that go undetected ev...
A Washington think tank has estimated the likely annual cost of cybercrime and economic espionage to the world economy at more than $445 billion — or almost 1 percent of global income. Writes Ellen Nakashima and Andrea Peterson for Washington Post The estimate by the Center for Strategic and International Studies is lower than the eye-popping $1 trillion figure cited by President Obama, but it nonetheless puts cybercrime in the ranks of drug trafficking in terms of worldwide economic harm. “This is a global problem and we aren’t doing enough to manage risk,” said James A. Lewis, CSIS senior fellow and co-author of the report, released Monday. The report, funded by the security firm McAfee, which is part of Intel Security, represents one of the first efforts to analyze the costs, d