Jaco Nel, the Chief Technology Officer (CTO) at Deimos, a leading company that provides professional services in hybrid and multi-cloud technology, recently discussed the increasing cyber threats facing Africa with journalist Laolu Afolabi. He explained why countries like Nigeria and South Africa are particularly at risk for cyberattacks and shared some ideas on how to tackle these challenges.
The Growing Cyber Threats in Africa
Cyber threats are becoming more common across Africa, with Nigeria and South Africa standing out as major targets. But what makes these countries especially vulnerable compared to others in Africa?
Both Nigeria and South Africa are significant players in Africa’s economy and have a high number of internet users. As two of the continent’s largest economies, they engage in a lot of financial transactions online, which makes them attractive targets for cybercriminals looking to steal money. Nigeria has a rapidly growing online population, while South Africa has one of the highest rates of internet usage on the continent. This extensive online presence creates more opportunities for cyber attackers.
Additionally, both countries struggle with outdated technology and systems that are easier for hackers to exploit. Although they are quickly adopting digital technologies, this fast pace can lead to security gaps, making it easier for sophisticated cybercriminals, including organized crime groups and even state-sponsored hackers, to strike.
Real-World Example of a Cyberattack
A recent example of this growing threat occurred in April 2024 when a Nigerian fintech company suffered a security breach that led to unauthorized money transfers. Although the company did not reveal the exact amount stolen, reports suggested that around N11 billion (about $7 million) was compromised. The attackers cleverly moved the money through multiple accounts in different banks to avoid detection, highlighting vulnerabilities in the financial technology sector in Africa.
New Data Protection Laws and Their Risks
As African governments start to enforce stricter laws about where and how data should be stored, businesses are facing new security risks. These laws, known as data sovereignty laws, are designed to protect sensitive information, but they also create new challenges.
For instance, when businesses are required to store data locally, it creates a concentrated target for cybercriminals. The more data is stored in one place, the more appealing it becomes for attacks like ransomware and data breaches. Companies must not only comply with these laws but also ensure that the data they keep is secure against increasingly advanced cyber threats.
Moreover, different countries are implementing their own versions of these laws, which can confuse businesses operating in multiple regions. This inconsistency can lead to security vulnerabilities and potential fines for non-compliance.
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To keep up with these challenges, businesses need to rethink their security strategies. This includes investing in stronger cybersecurity measures to protect data both when it’s stored and when it’s being transferred. Partnering with companies like Deimos, which understand the evolving regulatory landscape in Africa, will be essential for ensuring compliance without sacrificing security. Additionally, businesses should develop plans to respond to data breaches that align with local laws to avoid hefty penalties.
Balancing Compliance and Security
Nigerian businesses should treat compliance with local cybersecurity regulations as just the starting point, not the complete solution. While following these rules is important, it doesn’t guarantee full protection against cyber threats. To reduce risks, businesses need to create a comprehensive security strategy that goes beyond mere compliance.
Investing in skilled cybersecurity professionals and providing ongoing training for all employees is crucial. Building a culture where everyone in the organization shares responsibility for security helps in anticipating, detecting, and responding to threats more effectively. Businesses should also regularly assess risks, update their response plans, and tailor their security measures to stay prepared against evolving cyber threats.
The ultimate goal is to build resilience. Compliance provides a framework, while a flexible and thorough security strategy helps protect against a wide range of potential threats.
The Role of AI in Cyberattacks
Cybercriminals are increasingly using artificial intelligence (AI) to enhance their attacks. In 2024, there was a noticeable rise in AI-driven phishing schemes, where attackers used machine learning to create highly personalized messages that could bypass traditional security measures. These attacks adapt in real-time, making them difficult for even experienced users to spot.
Looking forward to 2025, we expect these attacks to become even more advanced. For example, criminals may use AI to predict human behavior and adjust their tactics accordingly. One alarming development is the creation of AI-generated voice deepfakes, which allow attackers to impersonate company executives or trusted colleagues convincingly. This could lead to unauthorized transactions, manipulation of employees into revealing sensitive information, or disruption of business operations.
Additionally, attackers can automate the information-gathering process, using AI to analyze publicly available data to create highly targeted attacks. This means that social engineering tactics will become more personalized and effective.
Defending Against AI-Powered Attacks
To protect themselves from AI-driven phishing and social engineering attacks, businesses need to rethink their security strategies. Traditional methods like basic email filters and phishing awareness training are no longer sufficient
