Africa’s rapid digital transformation since COVID-19 leaves critical infrastructure vulnerable to cybercrime, which cost the continent an estimated $4.12 billion last year. Banks and insurance companies are increasingly becoming prime targets. What are the emerging threats? And how should institutions balance reinforcing internal capabilities versus outsourcing expertise?
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Some experts say the reticence from countries is due to the evolving regulatory policies in individual jurisdictions especially in the finance sector.
“Many countries have enhanced their cyber-security banking regulations or supervisory tools, which I believe makes the Malabo Convention now a secondary issue. But having an additional common front is crucial because cyber threats are mostly cross border,” says Ethan Mudavanhu, policy analyst at Access Partnership. Read more on Africa Financial Industry Summit.
