Africa’s Rise in Cybercrime Threats
As Africa continues to experience rapid economic growth, the threat of cybercrime is also on the rise, posing significant challenges to businesses across the continent. According to Interpol’s 2024 African Cyberthreat Assessment, the average number of weekly cyberattacks impacting African businesses increased by 23% in 2023 compared to previous years, marking the fastest growth rate globally. Ransomware and business email compromise (BEC) are identified as the most serious threats, highlighting the pressing need for enhanced cybersecurity measures.
A recent report published by Access Partnership and the Centre for Human Rights at the University of Pretoria sheds light on the factors contributing to Africa’s vulnerability to cybercrime. Digital illiteracy, outdated infrastructure, and a shortage of cybersecurity professionals are identified as key obstacles to effectively combatting cyber threats and preventing economic losses. As Africa’s gross domestic product (GDP) is projected to reach $4 trillion by 2027, the impact of cyberattacks on economic development could be significant unless proactive measures are taken.
Nicole Isaac, vice president of global public policy at Cisco, emphasizes the urgent need for African nations to prioritize cybersecurity skills training to mitigate the growing cyber risks. She notes that nearly all financial leaders in Africa view cybercrime as a major threat, alongside macroeconomic conditions and political instability. Despite Africa being home to eleven of the world’s top-20 fastest-growing economies, the lack of adherence to cybercrime protocols, such as the Malabo Convention proposed by the African Union, leaves countries like South Africa, Nigeria, and Egypt vulnerable to cyber threats.
In South Africa, cybercrime has already cost the economy billions of Rand annually, underscoring the need for greater awareness and education on cybersecurity best practices. Heinrich Bohlmann, an associate professor at the University of Pretoria, points out that a general lack of awareness among users at home and in the workplace often leads to security breaches and financial losses. Enhancing cybersecurity literacy and implementing robust security measures are essential to safeguarding businesses and individuals from cyber threats.
As Africa gears up for its digital transformation, there is an opportunity to leverage AI and other emerging technologies to bolster cybersecurity and economic growth. With an estimated economic value of over $130 billion in sub-Saharan Africa, AI has the potential to empower young, tech-savvy workers and underrepresented groups by providing them with the necessary skills and tools to participate safely in the digital economy. By harnessing AI for threat detection, incident response, and automation of cybersecurity operations, African nations can enhance their resilience against cyber threats.
Addressing the need for better data on cybercrime in Africa, experts highlight discrepancies in current estimates and emphasize the importance of accurate data to inform policy decisions. While reports suggest that cybercrime could cost African economies up to 10% of GDP, the actual figures may be significantly lower, ranging from $4 billion to $10 billion annually. With a GDP of $2.81 trillion, the impact of cybercrime on Africa’s economy is estimated to be around 0.3%, underscoring the importance of conducting thorough research to understand the true cost of cyber threats.
Moving forward, African governments must collaborate and harmonize cybersecurity standards and regulations to effectively combat cybercrime across borders. By investing in cybersecurity training, embracing emerging technologies like AI, and promoting data-driven policies, African nations can strengthen their cyber resilience and pave the way for sustainable economic growth in the digital era.