By 
(Ecofin Agency) – Africa’s digital transformation is unfolding alongside a troubling rise in cyber threats. While strides have been made, the continent remains exposed to attacks, underscoring the pressing need to strengthen cybersecurity capabilities and turn these challenges into opportunities for growth.
Africa is one of the least prepared regions in the world to deal with major cyberattacks. The recent Global Cybersecurity Outlook 2025 report from the World Economic Forum (WEF) reveals concerning statistics: 36% of African businesses doubt their country’s ability to handle a major cyberattack on critical infrastructure, 27% are neutral, and only 9% express confidence. These numbers highlight the continent’s vulnerability in the face of an increasingly digital world and a growing cybersecurity threat.
The 2023 African Cyber Threat Assessment Report by Interpol points out that sectors such as finance, email services, social media, logistics/transport, e-commerce, payment systems, and telecommunications are regularly targeted by ransomware. Critical infrastructure, especially in energy and transportation, is also at risk, disrupting essential services and threatening the stability of many industries.
Such attacks don’t only affect businesses they erode public trust and scare off potential investors. Banks in Africa, in particular, are facing a surge in cyberattacks aimed at their digital payment systems.
Several factors contribute to this worrying situation. First, many African countries allocate insufficient budgets for cybersecurity. There’s also a severe lack of skilled cybersecurity professionals on the continent. While some countries have made strides in data protection legislation, many others are still lagging behind.
On top of that, both businesses and citizens tend to underestimate the severity of cyber threats. A 2023 Security Navigator report from Orange Cyberdefense suggests that cyberattacks could result in a loss of 10% of Africa’s GDP, with extortion attempts rising by 70% in 2023 alone. These figures show just how much the threat is escalating.
A Growing Market for Cybersecurity
Despite these challenges, Africa’s cybersecurity market holds significant growth potential. According to Mordor Intelligence, the African cybersecurity market was valued at $600 million in 2024 and is projected to grow to $1.28 billion by 2029, with a compound annual growth rate (CAGR) of 13.5% from 2024 to 2029.
This growth opens up significant economic opportunities for local companies in the sector as well as for international investors who see Africa as a market ripe for expansion. There’s a clear opportunity to develop solutions tailored to the continent’s unique challenges.
African universities and training centers also have a chance to expand their curricula to meet the growing demand for qualified cybersecurity professionals. This could help the continent strengthen its resilience while providing new job prospects for the youth.
A Path to Innovation and Development
Startups, particularly local ones, can capitalize on cybersecurity by developing products and services that address local needs. African governments could play a crucial role by creating policies that encourage innovation and investment in cybersecurity solutions tailored to the continent’s specific context.
Cybersecurity is crucial for Africa’s digital transformation. Overcoming existing weaknesses is key to building trust in a rapidly evolving digital world. With the right investments and strategies, Africa can turn its cybersecurity challenges into growth opportunities for both its economy and its people.
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