Rising Cyber Risks Threaten Africa’s BFSI Sector
- Interpol's 2024 African Cyberthreat Assessment reports a 23% increase in weekly cyberattacks on African businesses in 2023.
- The IBM 2024 Cost of Data Breach report indicates the average cost of a breach in South Africa has risen to R53.1 million.
- High-profile cyber incidents include the 2020 Experian breach exposing 24 million records and the 2023 Medusa ransomware attack on Bank of Africa.
The increasing frequency and sophistication of cyber threats in Africa's BFSI sector highlight a critical need for robust cybersecurity measures. As the sector embraces digital transformation, it must prioritize security to protect sensitive data and maintain customer trust. The BFSI Security Summit presents an essential opportunity for industry leaders to collaborate and develop effective strategies against these evolving threats.
