Why African countries are at risk of financially targeted cyber attacks

African countries are facing a pressing need to bolster their cyber security defenses as cyber criminals increasingly target the financial sector. In a recent interview with CNBC Africa, Amin Hasbini, Head of Global Research & Analysis at Meta, Kaspersky emphasized the importance of implementing robust regulatory frameworks to safeguard against cyber threats. Hasbini highlighted the escalating challenges facing organizations in Africa, where cyber attacks are becoming more sophisticated and pervasive, posing significant risks to businesses and critical infrastructure. According to Hasbini, different regions in Africa are experiencing varying types of cyber attacks, with some being financially motivated while others are driven by ideological or political motives. One of the key concerns raised by Hasbini is the targeting of financial institutions by cyber criminals, who use tactics such as ransomware to compromise data and extort significant sums of money. These attacks not only cause financial losses but also damage the reputation of the affected organizations. Hasbini underscored the need for organizations to invest in developing the skills and knowledge of their workforce to effectively combat cyber threats. He emphasized that the challenges facing African organizations are amplified due to the evolving nature of cyber attacks and the need for continuous adaptation and vigilance. The economic cost of cyber attacks on businesses can be substantial, with some organizations in Africa facing losses in the billions of dollars annually. Hasbini cited examples of large enterprises, including a law firm and an electricity company, that fell victim to ransomware attacks, resulting in significant financial demands. To address these growing threats, Hasbini recommended the establishment of a standardized approach to cyber security, which could help enhance the resilience of African organizations against cyber threats. While there is no one-size-fits-all solution to cyber security, implementing comprehensive defense mechanisms and regulatory measures can play a crucial role in safeguarding businesses from cyber attacks. Hasbini also suggested the creation of an Africa Cyber Security Council to shape the future of cyber security in the region and facilitate information sharing and collaboration among stakeholders. By adopting proactive measures and staying abreast of the latest cyber security trends, African countries can mitigate the risks posed by financially targeted cyber attacks and protect their digital assets.