Cyber security attacks see global economy lose $10 trillion in 2026

As Africa continues to undergo digital transformation, the issue of cyber security is becoming increasingly critical for governments and businesses across the continent. CNBC Africa recently interviewed Genie Gan, Head of Public Policy & Government Affairs at Meta & Apac, Kaspersky, to discuss the rising cyber threats in Africa and potential interventions that countries can take to address the challenges. The interview shed light on the current state of cyber security in Africa, the nature of cyber attacks, and the steps African governments have been taking to mitigate risks. With the global economy projected to lose $10 trillion due to cyber crimes by 2026, the urgency for robust cyber security measures in Africa cannot be understated. Genie Gan highlighted the growing sophistication and complexity of cyber attacks in the region, making it harder for organizations to detect and respond effectively. While run-of-the-mill cyber attacks are common, the rise of more sophisticated threats poses a significant risk to critical information infrastructure sectors and businesses. Gan emphasized that Africa's attractiveness as a business destination has also made it a target for cyber attackers, underscoring the need for proactive cyber security measures. The interview also touched on the nature of cyber attacks in Africa, with Gan pointing out that the cost of cyber crimes is projected to reach $10 trillion in the next three years. This staggering figure highlights the financial and reputational risks that organizations face in the event of a cyber attack. Gan stressed the importance of preventive measures and the need for countries to develop robust cyber security frameworks to protect critical infrastructure and mitigate risks. When asked about the opportunities for cyber security in Africa, Gan emphasized the significance of financial resources and reputational loss. While financial costs are substantial, the reputational damage caused by cyber attacks can have long-lasting effects on businesses. Gan highlighted the importance of preventive measures to avoid reputational loss and urged organizations to prioritize cyber security to safeguard their operations. In terms of African governments' responses to cyber security challenges, Gan noted that progress has been mixed across the continent. While East Africa and some North African countries have shown a greater focus on cyber security in their national strategies, other regions are still in the early stages of developing comprehensive frameworks. Gan emphasized the need for quality conversations with regulators and stakeholders to ensure a holistic approach to cyber security. Overall, the interview highlighted the importance of proactive measures to enhance cyber security in Africa. With the continent's digital transformation accelerating, the risk of cyber attacks is on the rise, underscoring the need for countries to prioritize cyber security and invest in robust frameworks and policies. By strengthening cyber security measures, African governments and businesses can mitigate risks, protect critical infrastructure, and safeguard their reputation in an increasingly digital world.