Liquid Telecom has released new Cybersecurity & Data Protection Report identifying the latest cyber security and data protection concerns and challenges facing African businesses.
According to the research findings, African businesses find themselves at a crossroads, where they must balance digital transformation with a greater focus on security policies and how to better protect customer data. The report offers guidance to African businesses as they look to address these key issues while exposing the threat of damaging and increasingly sophisticated cybercrime.
Cyber Security has become a great concern for most organizations across the globe, Kenya included. In fact, it is estimated that the public sector in Kenya lost more than Sh5 billion from cybercrime attacks, followed by the financial services sector at Sh4 billion. The report from includes unique data compiled by Liquid Telecom from a survey amongst 269 members of the business community.
The findings also showed that two-thirds of organizations have experienced multiple security breaches within the last 12 months, while over 40% of respondents believe African businesses could be doing more to protect themselves from data breaches. A quarter of respondents believes the region is falling significantly behind global standards.
The report also identified that the region could be facing a skills crisis. Over 60% of respondents believe more training and qualified cybersecurity professionals are required, while over a quarter of respondents are concerned by the lack of qualified cyber security professionals in the region.
Data protection legislation is a grey area for many businesses in the region. Over 40% of respondents believe African governments should be introducing tougher legislation to support businesses in their fight against cybercrime, or that almost 40% aren’t even familiar enough with existing legislation to fully answer the question.
Education around cybercrime and the need for IT security within organizations, however, small they are should, therefore, becomes key in 2017. Businesses cannot afford to be affected by the implications of cybercrime, something they can control of they put it the necessary resources.
A full analysis of the report is available for download on www.liquidtelecom.com.