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Cybersecurity in Africa

The African business community in 2017 lost an estimated $3.5 billion to cyber fraud and theft.

However, the spread of cyberspace is giving rise to new, destabilizing forms of organized crime characterized by explosive growth and transnational reach. In the past decade, the Business Email Compromise (BEC) scam has grown to become one of the most profitable and prominent threats, resulting in $26 billion of losses globally between 2016-2019. BEC groups are loosely affiliated transnational networks that use state-of-the-art malware and phishing techniques to steal from unsuspecting businesses, governments, and organizations. One of the most prominent BEC actors, a group called SilverTerrier, consists of several hundred individuals, most of whom are situated in major cities in Nigeria. Others are scattered elsewhere across the world, including the United States, which is the world’s second largest hub for BEC activity. SilverTerrier has created over 81,000 pieces of malware, conducted 2.1 million attacks, and caused billions of dollars in damages to individuals and organizations inside and outside Africa.

Rising internet penetration and advances in digital technology are also beginning to alter the financing and market dynamics of more traditional organized crime. Through Facebook, Instagram, and other more hidden “darkweb” platforms, African criminal networks are increasingly trafficking illicit diamonds, small arms, humans, art, and artifacts online. Sponsered by CYBERGUARD

CYBERGUARD IS A CYBERSECURITY FOCUSED SERVICE PROVIDING DATA AND INFORMATION PROTECTION TO VARIOUS ENTERPRISES ACROSS AFRICA, FOR CONSULTATION AND INQUIRIES ON CYBERSECURITY ISSUES CONTACT CYBERGUARD TEAM ON +263786522548 today.