Cybercrime continues to escalate in Africa, with losses now exceeding $4 billion annually—a significant increase from previous years. The continent’s digital growth has made it a prime target, particularly in Nigeria, South Africa, and Kenya. In 2024, cyberattacks have grown more sophisticated, with 28% of African organizations experiencing breaches despite having robust cybersecurity measures in place.
The skills gap remains a critical issue. Although 55% of African firms planned to recruit new cybersecurity experts in 2023, the continent still faces a significant shortage. This gap has made it difficult for many organizations to maintain fully operational Security Operations Centers (SOCs), leaving them vulnerable to increasingly complex cyber threats.
Africa’s regulatory landscape remains uneven, with countries like South Africa and Kenya leading in modern cybersecurity legislation, while others lag behind. This inconsistency hinders cross-border efforts to combat cybercrime, particularly in regions where cybercriminals operate across multiple jurisdictions. South Africa’s SARB Cyber Directive and its Joint Standard with FSCA require that financial institutions maintain rigorous cybersecurity policies and procedures. Other countries, such as Nigeria, have adopted their own cyber regulations, like the CBN Cybersecurity Framework, to address the rapidly increasing cybercrime rates.
The rise of mobile internet usage, with 76% of Africans accessing the internet via mobile devices, has led to an increase in mobile-specific cyber threats. East Africa, in particular, has seen a significant rise in mobile money fraud such as mobile malware and SIM swap fraud.
Critical infrastructure across Africa remains at risk from cyberattacks, especially with the growing use of IoT devices. In 2024, ransomware and other cyber threats have increasingly targeted essential services like energy and telecommunications, leading to significant concerns about the continent’s cyber resilience.
Despite these challenges, Africa’s investment in cybersecurity is growing, with a 35% increase in spending in 2023. Cyber insurance is also emerging as a crucial tool for mitigating financial risks associated with cyber incidents. However, addressing the skills gap and harmonizing regulatory frameworks remain top priorities for the continent to secure its digital future.
Africa’s digital transformation is both a challenge and an opportunity. By addressing cybersecurity challenges head-on, the continent can secure its digital infrastructure and drive sustainable economic growth in the years to come.
