Cyber threats are escalating across Africa, with Nigeria and South Africa identified as prime targets.
According to Jaco Nel, Chief Technology Officer at Deimos, these nations face heightened vulnerability due to their economic significance, high internet penetration, and rapid digital transformation.
“Nigeria and South Africa are attractive targets because of their advanced digital economies and significant financial activity,” Nel explained. “Cybercriminals see these countries as lucrative markets for fraud and data theft.”
Both countries grapple with outdated infrastructure and legacy systems that are easily exploitable.
While rapid digital adoption propels growth, it also exposes security gaps, making them susceptible to organized cybercrime groups and state-sponsored attackers.
Nel highlighted, “The digital transformation is a double-edged sword. It drives growth but also widens the attack surface, making cybersecurity a critical issue.”
Real-World Cyber Threats in Africa
The fintech sector in Nigeria illustrates the growing cyber risks. In April 2024, a Nigerian fintech company suffered a breach resulting in unauthorized transfers. Reports estimated losses of up to N11bn (approximately $7m).
Attackers utilized complex routing through multiple accounts, highlighting the vulnerabilities within Africa’s fintech landscape.
This incident underscores the need for stringent cybersecurity frameworks and real-time threat detection, particularly for organizations leading digital transformation across Africa.
Nel noted, “This is a wake-up call for fintech companies. They must prioritize security by design, not as an afterthought. Real-time monitoring and incident response are essential.”
Data Sovereignty and Security Challenges
With increasing data sovereignty laws across Africa, businesses face significant security challenges. Localizing data heightens risks by creating concentrated targets for cybercriminals.
“While data localization enhances privacy, it also centralizes risk, making these data hubs prime targets for cyberattacks,” Nel explained.
Additionally, inconsistent regulatory frameworks across African nations complicate compliance for businesses operating in multiple countries.
“Navigating Africa’s fragmented regulatory landscape requires not just compliance but also robust security practices to safeguard data across borders,” Nel emphasized.
The Role of AI in Cyberattacks
AI-driven cyberattacks are increasingly sophisticated, with attackers using machine learning to craft hyper-personalised phishing campaigns.
In 2024, AI-enabled phishing scams evolved dynamically, bypassing traditional detection methods.
Nel warned, “AI is a double-edged sword. While it empowers defenders, it also equips attackers with tools to create highly targeted social engineering attacks.”
He also noted the rise of AI-generated voice deepfakes, which can convincingly impersonate trusted individuals to authorize fraudulent transactions or manipulate employees into disclosing sensitive data.
“Businesses need to rethink identity verification and adopt multi-factor authentication systems to combat AI-driven fraud,” Nel advised.
Proactive Security for Africa’s Digital Future
The increasing accessibility of cybercrime tools, including Cybercrime-as-a-Service, means African businesses must transition from reactive to proactive cybersecurity strategies.
Threat intelligence, rapid response frameworks, and collaborations with trusted security partners are vital for resilience against sophisticated cyber threats.
Jaco Nel emphasized, “Cybersecurity is no longer just about defence. It’s about resilience and rapid response. African businesses must build adaptive security frameworks that not only meet compliance requirements but also protect against evolving threats.”
As Africa continues its digital transformation journey, robust cybersecurity measures are crucial for safeguarding economic growth and digital innovation.
“Cybersecurity is fundamental to Africa’s digital future. It’s not just an IT issue; it’s a strategic business priority,” Nel concluded.
Source: Punch newspapers
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