At least two thirds of businesses in Africa have experienced a security breach in the past 12 months, this according to Liquid Telecom’s Cyber security & Data Protection Report
The report reveals a major loophole in Africa’s digital journey which has been touted as super key to unlock the continent’s immense social economic potential.
According to the study which sampled 269 members of the business community in Africa, lack of adequate skills and exposure are key aspects derailing cyber security in many organizations.
Over 60 per cent of respondents believe more training and qualified cyber security professionals are required, while over a quarter of respondents are concerned by the lack of qualified cyber security professionals in the region.
This study follows another one by the International Data Connect that shows that Kenya loses at least $36 million per year to cybercrime.
According to Microsoft’s estimates in 2014, the world loses at least $500 billion per year, an amount that is $150 billion over the South African GDP that stands at $350 billion and slightly less than that of Nigeria that stands at $521.8 billion.
According to Microsoft, there are nearly 400 million cybercrime victims every year across the world.
Another study conducted by Deloitte in 2011 showed that financial institutions in Kenya, Rwanda, Uganda, Tanzania, and Zambia had sustained losses of $245 million, attributable to cyber fraud.
According to Liquid Telecom’s survey, most African businesses find themselves at a crossroad when faced with a duty to balance digital transformation with a greater focus on security policies and how to better protect customer data.
The survey further showed that 40 per cent of African businesses could be doing more to protect themselves from data breaches.
However, a quarter of all respondents believe the region is falling significantly behind global standards.
Respondents also blamed the rampant cyber insecurities in the continent to lack of data protection legislations.
Over 40 per cent of respondents want African governments to introduce tougher legislation to support businesses in their fight against cybercrime