Cyberattacks have become increasingly common in recent years. A study conducted by the University of Maryland’s A. James Clark School of Engineering found that more than 2,200 cyberattacks occur each day.
The African continent has continued to face heightened cyberattacks, as businesses across the continent have had their systems hacked by online fraudsters, making cybersecurity a crucial priority. Multinational cybersecurity company Kaspersky revealed that Nigeria, South Africa, and Kenya have the highest level of cyber threat in the continent.
According to a report by Checkpoint, a leading provider of cyber security solutions to corporate enterprises and governments globally, the first quarter (Q1) of 2024, marked a 28% increase in the average number of cyber attacks per organization. The rise represented a 5% increase from the last quarter of 2023.
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The Education/Research sector experienced a significant blow with an average of 2454 attacks per organization weekly, leading the chart in targeted industries, followed by the Government/Military (1692 attacks per week) and Healthcare (1605 attacks per organization) sectors, signaling an alarming vulnerability in sectors that are pivotal to societal function.
In terms of region, Africa was the most hit, after it saw a notable 20% increase in cyber attacks, with an average of 2373 attacks per week per organization, a 20% jump from the same period in 2023.
Part of the report reads,
“Regionally, Africa surged to the forefront with an average of 2,373 attacks per week per organization, a 20% jump from the same period in 2023. “In contrast, Latin America showed a 20% decline, perhaps indicating a shift in focus or improved defensive measures in the region; another reason could be a temporary shift in focus by cybercriminals on other more vulnerable regions across the world”.
Within the past few years, several companies in Africa have been increasingly hit by cybercriminals. In Nigeria, Fintech Unicorn, Flutterwave, reportedly suffered up to three security breaches, the most recent costing the company $11 billion in May 2024.
It is worth noting that these cyberattacks are not restricted to financial institutions alone. In 2022, telecom service provider MTN reported a $53 million mobile money fraud in Nigeria. Also, Kenyan leading telecom Safaricom lost over $4 million in SIM card fraud in the same year. Governmental agencies are also not left out; the National Health Laboratory Service, the Department of Justice and Constitutional Development, and the pension agency in South Africa have all suffered cyber incidents this year.
Amidst these incessant attacks, a report by African Business revealed that approximately 90% of African businesses were operating without cybersecurity protocols in place, making them increasingly vulnerable to cyber threats like hacking, phishing, and malware attacks.
The World Economic Forum in January 2024 highlighted that most businesses in Africa are not adequately equipped to navigate cyber threats. It highlighted Weak legal frameworks, with limited legislation to deter cybercrime, that has complicated the fight. Africa also faces a shortage of skilled cybersecurity professionals, as it faces a growing 100,000-person gap in the number of certified cybersecurity professionals.
Experts point out that the lack of digital security infrastructure in an environment where digital technologies are rapidly advancing has made security around data even more urgent. Particularly in areas like healthcare and education, it has become more necessary to protect personal data from any type of breach or hack.
Businesses are urged to acquire the resources and knowledge to better reduce cyber risk.In response to these escalating threats which are becoming more sophisticated, advancements in defense techniques especially in threat detection and analysis and spotting anomalies and new attack patterns early, particularly in AI, have become pivotal.
The high rate of cyberattacks in the African region has underscored the need for adaptive cybersecurity strategies to combat the evolving threat landscape. The increased attacks on specific industries and regions, coupled with the complexity of ransomware tactics, highlight the necessity for comprehensive and prevention-first approaches to cybersecurity.
As the digital economy in Africa continues to grow, the importance of robust cybersecurity measures cannot be overstated. By prioritizing cybersecurity, businesses can not only protect their assets and customer data but also contribute to a safer digital environment that fosters economic growth and innovation.