Top 6 Cyber Threats for African Businesses and how to beat them

The digital transformation sweeping across Africa brings immense opportunities for businesses. However, it also opens the door to a rising wave of cyber threats. As African companies, especially Small and Medium-sized Enterprises (SMEs), increasingly rely on digital systems, understanding and mitigating cybersecurity risks becomes paramount.

Here, we explore the top 6 cyber threats facing African businesses in 2024 and offer insights into how they can bolster their cyber defenses.

1. Phishing Attacks

Phishing remains one of the most prevalent and dangerous cyber threats worldwide, and African businesses are not spared. According to the IBM security report, over 90% of data breaches start with a phishing email. These fraudulent emails are designed to trick recipients into revealing sensitive information such as login credentials or financial details.

In 2021, a leading Nigerian fintech company suffered a phishing attack where several employees unwittingly provided login information, leading to a data breach that compromised thousands of customer records.

How to Keep Your Team Safe:

• Conduct regular phishing simulation exercises to train employees on recognizing suspicious emails.

• Implement multi-factor authentication (MFA) for all critical systems.

• Use email filtering software to block malicious emails.

For ways to protect your business from phishing, read our comprehensive guide on phishing prevention.

2. Malware and Ransomware Attacks

Malware and ransomware attacks are on the rise in Africa, affecting businesses of all sizes. Malware, such as viruses, trojans, and spyware, can infiltrate systems via email attachments, infected websites, or removable media, leading to data breaches and system disruptions. Ransomware, on the other hand, encrypts a company's data and demands payment to restore access, usually in cryptocurrency.

In 2023, the African continent experienced a 37% surge in malware and ransomware attacks, targeting critical infrastructure sectors like energy, finance, and healthcare. Ransomware alone caused disruptions to business operations, resulting in significant financial losses.

How to Keep Your Team Safe:

• Install and regularly update antivirus software on all company devices.

• Conduct regular backups of essential data and store it offline or in a secure cloud service.

• Educate employees on the dangers of downloading software or clicking links from untrusted sources.

  
  

3. Insider Threats

Insider threats involve employees, contractors, or business partners who have legitimate access to company systems. These individuals can misuse their access to steal sensitive information, compromise data integrity, or facilitate cyber-attacks.

Per the Microsoft digital defense report, 90% of cyberattacks, including data breaches, ransomware, and CEO fraud, are driven by phishing or the exploitation of human errors. Companies need to implement strict access controls and conduct regular security awareness training to mitigate these risks.

How to Keep Your Team Safe:

• Implement role-based access controls (RBAC) to limit access to sensitive data.

• Monitor user activities for unusual behavior that might indicate insider threats.

• Use Data Loss Prevention (DLP) tools to prevent unauthorized data transfers.

Learn more about how to mitigate insider threats.

4. CEO Fraud (Business Email Compromise)

BEC scams involve cybercriminals impersonating company executives or business partners to trick employees into transferring money or revealing confidential information. This threat is particularly high for African businesses engaged in international trade.

Nigeria is the top originator of business-based email scams globally, accounting for 46% of such fraudulent communications. Businesses can reduce the risk of BEC attacks by implementing two-factor authentication (2FA) and conducting regular employee training on email security.

How to Keep Your Team Safe:

• Establish strict protocols for wire transfers, including multi-level approvals.

• Educate employees on how to verify email requests, especially those involving financial transactions.

• Use email authentication methods like DMARC, DKIM, and SPF to prevent email spoofing.

5. AI-Driven Attacks

With the rapid adoption of artificial intelligence (AI) in business operations, AI-driven attacks are becoming a new frontier in cybersecurity. Cybercriminals leverage AI to create sophisticated phishing scams, automate network infiltrations, and execute large-scale denial-of-service attacks. AI can also be used to exploit security vulnerabilities by analyzing defense mechanisms and adapting to them in real-time.

According to a recent report, Africa is experiencing an increase in AI-driven cyber-attacks targeting sectors like finance and telecommunications. These attacks are particularly challenging to counter due to their ability to adapt and learn from defense measures.

How to Keep Your Team Safe:

• Use AI-powered security solutions to detect and respond to potential threats in real-time.

• Conduct regular security assessments and audits to identify and address vulnerabilities.

• Train employees on recognizing AI-generated phishing attempts, which can be more convincing than traditional methods.

6. Third-Party Vulnerabilities

As businesses collaborate with third-party vendors for various services, they expose themselves to potential security risks. Third-party vulnerabilities occur when a business's security is compromised due to weaknesses in a partner’s system. A breach in a vendor's security can lead to data leaks, financial losses, and operational disruptions.

In a recent survey, 50% of African businesses reported experiencing a cyber incident originating from third-party vendors. The risk intensifies as companies increase their reliance on external software and cloud services.

How to Keep Your Team Safe:

• Conduct thorough security assessments of all third-party vendors before onboarding them.

• Implement strict access controls and limit vendor access to only the necessary systems.

• Require vendors to adhere to the company's cybersecurity policies and standards.