Africa News Bulletin

South Africa: $3.5bn and growing: The huge cost of cybercrime in Africa

Cybercrime is one of the most pressing challenges plaguing economic activity in Africa.

As the continent’s GDP reached $3.3-trillion in the past few years, so the cost of cybercrime climbed to $3.5bn, with Nigeria, Kenya and SA recording the largest losses. In fact, according to the SA Banking Risk Information Centre, SA loses $157m annually to cyberattacks.

The government has made significant progress and investment towards securing SA’s growing digital economy and combating the ever-evolving cyber threats that have come with it.

Government leaders and cyber intelligence experts came together at the inaugural Cyber Intelligence Africa 2022, held in Johannesburg earlier this month, to discuss national cyber security strategies and policies, combating cybercrimes across Africa, international co-operation, threat intelligence and detection capabilities, and building cyber awareness.

Hosted by Intelligence-Sec, this conference welcomed speakers from a variety of African law enforcement and government agencies as well as international cybersecurity experts. This includes Selene Giupponi, MD of Resecurity, a Los Angeles-based cybersecurity and intelligence company that served as the event’s lead sponsor.

Giupponi shared Resecurity’s expertise in leveraging cyber threat intelligence solutions to prevent, detect and prosecute cybercrime.

She showcased the company’s innovative technology platform that allows administrators to reduce potential blind spots and security gaps by quickly seeing in-depth analysis and specific artefacts obtained through the dark web, botnets activity, network intelligence, and high-quality threat intelligence data.

“As cybercrime becomes more advanced and scales, next-generation cyber intelligence solutions that identify, manage and respond to threats will be critical,” said Resecurity CEO Gene Yoo.

“Cyber Intelligence Africa 2022 showcased the impact of international collaboration and cyber intelligence in protecting the digital world we rely on every day. Resecurity is proud to have served as the premier sponsor of this event and looks forward to continuing to collaborate with law enforcement agencies worldwide to provide them the tools and technologies they need to defend their nations.”

Original story on Times Live

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