Financial Crime World

Africa’s Cybercrime Epidemic: A Call to Action for Robust Governance

Cybercrime continues to wreak havoc on businesses across Africa, emphasizing the need for robust governance structures and a positive risk culture to mitigate these risks.

The Importance of Governance Structures

A recent report by Deloitte highlighted the need for organizations in Namibia to prioritize cybersecurity and ethical breaches. The study found that 7% of corporate entities do not periodically review protocols in place to deal with ethical breaches, such as deceptive tactics and human rights violations.

  • This lack of oversight can have serious consequences for an organization’s brand reputation.
  • It is crucial that organizations review and address any ethical breaches detected, and implement protocols and detective systems to assist in the detection of these breaches.

The report emphasized the importance of establishing appropriate governance structures through committees that have oversight of risks such as cybersecurity and breaches of ethical protocols.

The Role of Risk Culture

The culture of the board, management, and employees alike is critical in maintaining an effective enterprise risk management function. The board should set the tone in establishing an effective enterprise risk management function, and adequate investments should be made to enhance the risk management function.

  • By prioritizing cybersecurity and ethical breaches, organizations can build robust systems and controls that will assist them in managing new risks such as the increase in cyber-attacks during the COVID-19 pandemic.
  • This will enable them to maintain operational resilience and comply with necessary laws and regulations.

A Call to Action

As Africa continues to grapple with the challenges posed by cybercrime, it is imperative that organizations take proactive steps to mitigate these risks. By establishing robust governance structures and a positive risk culture, organizations can ensure their operational resilience and reputation are protected.

About Deloitte

Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax, and related services. Our global network of member firms and related entities in more than 150 countries and territories serves four out of five Fortune Global 500 companies. Learn how Deloitte’s approximately 312,000 people make an impact that matters at www.deloitte.com.

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