Cyber crime surge threatens Africa’s economic growth

The African continent is facing an imminent threat from cyber-crime, with the potential of losing an estimated $10 trillion to financial crimes linked to cyber-attacks. Mohamed Ben Amor, a cybersecurity expert, highlighted the urgent need to enhance preparedness at national, regional, and international levels to combat the rising threat posed by hackers. He emphasized the crucial role of reducing the gap in human resources and the adoption of new technologies such as artificial intelligence and quantum computing in cyber-security strategies to stay ahead of increasingly sophisticated cyber-attacks. The surge in cyber-crime is not only a threat to individual data security but also contributes to the rise of illicit financial flows in Africa. As cyber-crimes increase, so do financial crimes like money laundering and tax evasion, creating significant economic repercussions for African nations. To counter this trend, experts suggest that African governments prioritize enhancing cyber-security by investing in competent human resources, establishing necessary infrastructure, and developing comprehensive cyber-security strategies that encompass legal frameworks and institutional organization. The Global Cyber Security Index (GCI) has recently highlighted the vulnerability of many African countries in terms of cyber-security readiness. Low-income African nations face serious threats due to a lack of human resources, infrastructure, and strategic planning in this vital sector. Collaborative efforts at both international and regional levels are essential to support these countries in building their cyber-security capabilities and resilience. International collaboration and partnerships play a crucial role in strengthening cyber-security in Africa. By sharing experiences, best practices, and information, countries can collectively address cyber threats more effectively. Furthermore, establishing consensus around standards is essential in combating cyber-crime. Platforms like the Global Cyber Security Forum serve as valuable arenas for exchanging ideas and strategies to enhance cyber-security preparedness. This emphasizes the significance of international cooperation and collaboration in safeguarding African nations against cyber threats.