CHART: Africa's Cybersecurity Risk is Fast-Growing

Africa’s digital economy is expanding at a staggering rate. Nigeria alone had over 134 million internet users by the end of 2024, with broadband penetration at 42.24%. Across the continent, businesses, banks, and governments are doubling down on digital transformation. But as internet adoption accelerates, so do cyber threats—and the numbers are starting to paint an unsettling picture.

In just seven months, Nigeria jumped from 35th to 13th on the Global Threat Index, a ranking by Check Point Software that tracks cyber vulnerabilities worldwide. Its risk index surged from 46.5% to 62.3% in the same period, reflecting a rapid rise in attacks. And it’s not alone—eight African countries now sit among the top 20 most targeted nations globally, with Ethiopia ranking first. Uganda (8th), Angola (9th), Ghana (11th), Kenya (17th), Mozambique (18th), and Côte d’Ivoire (20th) round out the list, reinforcing the reality that cybercrime is no longer a fringe issue—it’s a full-scale regional crisis.

Government institutions in Nigeria alone face 1,791 cyberattacks per week, primarily through ransomware. Schools and universities aren’t far behind, reporting 1,682 attacks weekly.

Meanwhile, banks and fintech platforms are the hardest hit, suffering 4,718 incidents per week, likely due to weak multi-factor authentication and outdated banking infrastructure. In March 2024, a phishing attack on a major Nigerian bank compromised over 10,000 accounts, resulting in losses exceeding $3 million.

Then there’s FunkSec, a ransomware group linked to Algeria, which accounted for 14% of global cyber breaches in December 2024 closely followed by FakeUpdates (5%), AgentTesla (3%), Androxgh0st (3%). Unlike traditional cybercriminals, FunkSec uses AI-powered ransomware, making its attacks more scalable and unpredictable.

This isn’t just a tech problem—it’s an economic and national security issue. Africa saw a 90% year-over-year increase in ransomware attacks, yet many businesses and governments still rely on outdated cybersecurity infrastructure. Some countries like Nigeria are introducing levies and stricter regulations, but with cybercriminals evolving quickly, is that enough?