Rising Cyber Threats in Africa: A Call for Action on Government and Financial Sectors

Positive Technologies, a leader in cybersecurity solutions, has revealed a significant rise in cyber threats targeting African governments and financial institutions in its latest analysis for 2023–2024. These attacks, often carried out by organized hacker groups, hacktivists, and cybercriminals, aim at financial gain, espionage, and disruption, leaving governments and businesses vulnerable to exploitation.

Government and financial institutions in Africa account for 29% and 22% of all successful cyberattacks on organizations, respectively. This trend is reflected in data from the dark web, where these sectors are a focus of illicit activity, making up 19% and 13% of darknet listings. Experts highlighted that government institutions in Nigeria, Algeria, Ethiopia, and South Africa are primary targets of Advanced Persistent Threat (APT) groups, which constitute 46% of attacks. Hacktivists account for 18%, emphasizing the dual threat of espionage and activism-driven cyber incidents.

Dark web activity has also exposed alarming trends, with more than half of African-related databases offered for free, while unauthorized access to corporate networks is sold for an average of $2,970. Listings related to government entities frequently center on distributing information for free, while those tied to financial institutions focus on selling sensitive data and illegal access.

Cybercriminals employ a variety of methods to execute their attacks. Malware remains the most prevalent, used in 43% of organizational attacks and 53% of individual cases. Ransomware was deployed in nearly a third of attacks on companies, while spyware accounted for a quarter. Poorly configured network systems and perimeter vulnerabilities were exploited in 65% of attacks, highlighting the need for stronger infrastructure security. The consequences of these attacks are severe, with hackers accessing confidential information in 61% of cases and disrupting core business operations in 18%.

The industrial and telecommunications sectors also face increasing threats, each accounting for 10% of successful attacks. Industries have been targeted to disrupt production processes and steal proprietary information, while telecommunications companies are at risk due to their vast stores of personal data and payment details.

In Ghana, cyber threats mirror the regional pattern. The financial sector’s vulnerability to ransomware and malware, combined with government institutions being targeted by espionage and hacktivist groups, underscores the urgency of addressing cybersecurity challenges.

Positive Technologies has called for a comprehensive approach to counter these threats. Developing and regularly updating cybersecurity strategies is critical, as is identifying key infrastructure whose disruption could have significant national or industry-level consequences. Organizations need to conduct risk analyses, prepare for potential disruptions, and maintain up-to-date security systems and tools.

Education and training are vital. Regular workshops to teach employees basic cybersecurity principles and investments in specialized training for cybersecurity professionals will improve internal defenses. Collaboration between governments and the private sector, as well as international partnerships, can enhance the exchange of knowledge and resources, improving the region's resilience to cyberattacks.

The report emphasizes that as Africa continues to adopt digital technologies across various sectors, the risk of cyberattacks will grow. Without decisive action, the continent's government, financial, industrial, and telecommunications sectors will remain vulnerable. By prioritizing strategic updates, fostering collaboration, and investing in education, Africa can safeguard its critical infrastructure and economic stability in the face of increasing cyber threats.