The Executive Director of the Economic and Organised Crime Office (EOCO), COP Mrs. Maame Yaa Tiwaa Addo-Danquah, has bemoaned the risks of Cybersecurity attacks on the global economy.
Mrs. Maame Yaa Tiwaa Addo-Danquah, thus, warned that the world economy stands a risk of crushing , due to the risk of losing billions of dollars to cybersecurity challenges if not addressed globally.
The EOCO Boss suggested that figures available by the World Economic Forums indicate that nobody or institution is spared if practical measures are not taken to address the situation by all.
“The 2019 Global Risks Report of the World Economic Forum indicates that cybersecurity attacks are currently among the top risks globally and they result in multibillion-dollar losses in the business sector, especially when servers of banks, hospitals, power plants, and smart devices are compromised.
“The World Economic Forum’s (WEF) estimation for the market value of cybersecurity is expected to increase from US$120bn to US$300bn by 2024. The WEF claim that cybersecurity, in general terms, incorporates a huge domain, which ranges from structuring robust systems that can resist attacks to designing methods and systems that can contribute to detecting threats and anomalies, as well as assuring the resilience of a system and declaring system responses to any attack.”
Mrs. Maame Yaa Tiwaa Addo-Danquah
COP Tiwa noted that with the shift into a digitized space by economies and society in general that fueled cybercrime to another level.
“The adoption of digitalization for economic development has led to the emergence and rise of cybercrime. While digitalization presents opportunities for development, there is a major setback that undermines the full realization of its benefits for economic transformation. Thus, cyber-attacks continue to undermine the economic gains of countries by targeting the confidentiality, integrity and availability of ICT assets.”
Mrs. Maame Yaa Tiwaa Addo-Danquah
Africa’s Digital Economy Potential
The EOCO Boss took note of Africa’s huge potential in digital economy. She thus, made a strong case for taking emergency steps to dealing with cybersecurity and its accompanying threats.
“Africa’s digital economy potential can reach USD180 billion by 2025, or 5.2 percent of the continent’s GDP. Indeed, the growing rate of digital transformation within Africa is facilitating the emergence of new attack vectors and opportunities for cybercriminals. The rest of the world is no exception to this phenomenon. For both individuals and companies, the impact of cybercrime can be profound – primarily financial damage, but also loss of trust and reputational damage.”
Mrs. Maame Yaa Tiwaa Addo-Danquah
Meanwhile, the continent’s burgeoning digital economy is rife with opportunities for growth, but also presents challenges that must be addressed to ensure that the benefits of technology are fully realised.
One of the most significant challenges facing Africa is the lack of digital security infrastructure.
While many African countries focus on building reliable electricity and internet networks to grow their startup ecosystems, cybersecurity is often not given the priority it deserves.
According to reports, approximately 90% of African businesses are operating without cybersecurity protocols in place, making them vulnerable to cyber threats, such as hacking, phishing, and malware attacks.
In addition, surveys of CEOs in Africa have found that businesses are more reluctant than individuals to adopt and use the internet for e-commerce as a result of fear of insufficient data security – a sector which is projected to reach $180bn a year by 2025.
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