Increasing Digitalized African Economy Need a Closer Look at IT Security
July 12, 2016 | Privileged Access Management, Identity-Theft, Intellectual Property
The African economy has been through an amazing transition in the recent years as a rapid digitalization of businesses drove innovation, and efficiency, creating information technology related jobs.
According to McKinsey’s estimates, the African GDP might expand by an additional $300 billion a year in the next decade, if the existing rate of digitalization helped by infrastructure investments continues. Indeed, nearly half of the burgeoning middle-class urban population gets hooked to internet-enabled devices, thanks to fast spreading 3G Networks.
Nonetheless, an advancement in the digitalization of businesses has increased Cybercrime in the continent.
Increased cases of theft of credit and debit card details, hacking, attacks on computer networks and Intellectual Property (IPs), have surfaced. Amid rising cybercrime, IT security experts fear that Africa’s commercial online services and government organizations could become a next focal point for illegal activities.
A recently released report, Cybersecurity Report on Kenya, highlighted that every year, businesses are suffering losses amounting $146 million due to cybercrime.
In South Africa, businesses are encountering a sharp jump in cyberattacks that target ISPs, and ‘sensitive’ Data. Last October, the nation faced 6,000 cyberattacks in a month alone.
One of the reasons why Africa is reporting such a high rate of data breach incidents is that businesses, particularly small to medium-scale enterprises, are paying a very little attention towards Privileged Access Management, (accounts managed by privileged identities, having access to intellectual property and sensitive data). Shockingly, about a third of cyberattacks, mainly in East Africa, results due to ‘malicious insider’ or disgruntled employees. Businesses are losing money due to such incidents; but more worryingly, companies are reluctant to report fearing a loss of reputation.
Africa, without a doubt, will be the next growth driver of the global economy in the coming decade. However, businesses in Africa need to relook at IT security. Lack of attention towards IT infrastructure, resulting in an inability to thwart identity theft could seriously harm a thriving economy.
ARCON is a leading enterprise risk control solutions provider, specializing in risk-predictive technologies. ARCON | User Behavior Analytics enables to monitor end-user activities in real time. ARCON | Privileged Access Management reinforces access control and mitigates data breach threats. ARCON | Secure Compliance Management is a vulnerability assessment tool.
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