Just as communication and financial networks become globalised and impregnable, cybersecurity is becoming a prerequisite for investment in any territory.
According to Techcabal, Africa is losing $4 Billion annually to cybercrime. However, cybercrime hurts companies beyond their financials, leading to data loss, theft of intellectual property and financial and/or personal information, and damage to brand and reputation.
And it is no secret that Africa has been lagging in terms of technology and innovation, but recent years have seen a rise in the number of African startups and tech companies. However, there is still a long way to go before Africa can catch up with the rest of the world when it comes to cybersecurity. The continent faces several unique challenges in this regard, from a lack of trained personnel in cyber security, and less enlightenment of the public on cybersecurity to infrastructure vulnerabilities. In this article, we will take a look at the importance of taking more measures to improve cybersecurity in Africa.
The main purpose of cyber security is to protect internet-connected devices and services from malicious attacks by hackers, spammers, and cybercriminals.
Africa faces as many cyberattacks as many other regions. In my opinion, the major biggest challenge facing cybersecurity in Africa is the lack of awareness about the importance of cybersecurity.
Africa needs to improve Cybersecurity to Boost Investment.
In a globally-integrated financial market, robust and resilient cybersecurity is a non-negotiable condition for investment across the world.
But effective cybersecurity remains a challenge across Africa, with many organisations unprepared for cyber attacks.
Efforts should be made to improve cybersecurity and employee awareness to build resilient organizations in people who want to invest. These challenges bring increase the importance of cyber security.
Africa needs to improve Cybersecurity to Avoid Loss of Funds, Data and Assets.
Data leaks that could result in identity theft are now publicly posted on social media accounts. Sensitive information like social security numbers, credit card information and bank account details are now stored in cloud storage services like Dropbox and Google Drive.
The fact of the matter is whether you are an individual, small business, or large multinational, you rely on computer systems every day. This information has increased the importance of cyber security.
New Businesses
Such as cryptocurrencies also widely used as the dark web is a collection of websites that are unidentifiable by search engines and are concealed behind through passwords or other security tools. These websites or pages are only accessed by specialized web browsers, keeping users anonymous.
The dark web is like a hidden compartment where illegal operations can be performed, such as software distribution, personal information distribution, drug and human trafficking, piracy, illegal weapon distribution, and many more unthinkable illegal activities.
Cryptocurrency has also become the attackers’ favourite. With the price of Bitcoin becoming an all-time high, attacks are increasing with threat actors following profits. End users have struggled with phishing attacks, info stealers and malware that swap wallet addresses in memory for quite some time. More attacks are now being waged directly against smart contracts —attacking the programs at the heart of cryptocurrencies. These new markets open new opportunities for sophisticated attacks (e.g., flash loan attacks), which may allow attackers to drain millions of dollars from cryptocurrency liquidity pools.
These vulnerabilities have increased the importance of cyber security.
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