Africa loses $3.5 billion to cyber security attacks

According to Henry Kerali, the World Bank Country Director in Ghana, the African continent has lost an estimated $3.5 billion from cyber security attacks.

Speaking at the National Cyber Security Awareness Month (NCSAM) Conference in Accra, Kerali said that, “Within a short period of time, cyber attackers have advanced to a sophisticated level, whilst most countries still have only rudimentary protection levels.”

He continued, saying that, “transition from traditional to digital economies remains particularly critical for developing economies as it enables faster growth, offers innovative products and services, creates jobs and boosts economic competitiveness, thereby reducing poverty and boosting prosperity.”

Mr Kerali said that there are always risks with digital economies, but it has not been until the past few years, where devastating cyber-attacks have been occurring on a global level, that cyber security has fallen into mainstream priority.

He urged corporations and governments to invest in cyber security and raise awareness so that they could build cyber security expertise and capacities.
The World Bank Group has identified cyber security as a critical element to fostering digital development.

He said that, “to this end, the World Bank Group has established partnerships with other development partners to support the global advancement of cyber security capacity in developing countries.”