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African corporates face rising cybercrime risks

Thursday, July 8, 2021

Significance

The cost, frequency and sophistication of cyberattacks is increasing worldwide, widening the gap between cyber preparedness and threat levels. Yet the continued lack of investment by African corporates in cybersecurity and a limited number of qualified technicians mean that key institutions are failing to strengthen their security in line with rising risk.

Impacts

  • Costly cyberattacks threaten the sustainability of weaker financial institutions, especially poorly performing, under-capitalised banks.
  • Phishing, hacking and ransomware attacks erode public confidence in online services, constraining the expansion of online banking.
  • Poor IT infrastructure and technical education will impede the creation of a local cybersecurity talent pool.

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