Billions lost to cyber-attacks in Africa each year

In spite of the rapid growth projected for the African cybersecurity market, nations across the continent are losing billions each year as a result of persistent cyber-attacks.

Though sources claim the regional market will be worth $3.7b by 2025, it also suggests that nations such as South Africa, Kenya, Nigeria and Egypt lose over $3.5b per annum as a result of digital attacks.

Missed business opportunities as a result of reputational damage is estimated to be an additional cost incurred across the continent.

Whitepaper explores cyber-attacks in Africa

The Guardian reports that information detailing both the future growth and current cyber crisis faced in Africa is contained in a whitepaper published in June 2023.

According to the news outlet, the document calls for more ‘a comprehensive and forward-looking agenda’ in regard to the region’s approach to cybersecurity.

‘Cybersecurity in Africa: A Call to Action’ highlights the necessary steps which need to be taken when looking to thwart the advances of hostile actors.

The four-point agenda suggests that there is a need to: ‘Elevate cybersecurity on the regional policy agenda; secure a sustained commitment to cybersecurity; fortify the ecosystem and build the next wave of cybersecurity capability.’

A coordinated approach is encouraged in the report to help thwart the impact of cyber-attacks in Africa.

‘A prime target for cyber-attacks’

According to a report from Kearney: ‘The region’s growing strategic relevance, due to its economic development and evolving digital landscape, makes it a prime target for cyber-attacks.’

The advisor goes on to suggest that for the continent to safeguard against myriad cyber-risks, ‘African countries need to collectively spend around $22 billion on cybersecurity between 2022 and 2026.

‘That’s the equivalent of about 0.25 percent of total regional annual gross domestic product (GDP).’