Cyber Insecurity Effect on the Economy of Africa

Gadallah, Ahmed; Salah, Amany

doi:10.21608/oijet.2024.446966

Cyber Insecurity Effect on the Economy of Africa

Document Type : Original Article

Authors

Ahmed Gadallah ¹
Amany salah ²

¹ Dept. of Information Systems, Obour Institutes, Egypt

² Economics instructor - Department of Basic and Commercial Sciences Obour institute for management &informatics Egypt

10.21608/oijet.2024.446966

Abstract

The rapid development of technological progress and the adoption of digital electronic trading portals has had a profound impact on the global economy but is not without security risks. All the human ecosystem is managed through the application of IT and the benefits are evident in the healthcare sector system, economic, educational, political, and corporate sectors globally. Cyberspace has become a focal point for information sharing and management as well as a platform for governments, cooperate with organizations and individuals to harmonize common goals. It is also a platform for Information warfare involves state actors, business leaders and experts in the field. Target of the study aims to study the threats and nature of cybercrime and their impact on the African economy. with particular focus on Nigeria and Ghana. The estimated cost of cybercrime in Africa is estimated at $895 million, a figure that continues to soar in Nigeria lost about $550 million to cybercrime, Kenya ($175 million), Tanzania ($85 million), Ghana ($50 million) million) and Uganda ($35 million) per year. Research recommends more adoption A proactive and defensive approach to cybersecurity resilience through strengthening Cybersecurity policy framework and implementation strategy, rather than a reactive approach This is the case in most developing countries. Need to invest more in training well qualified domain experts as well as providing the infrastructure to support network security cannot is overrated.

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