Financial Crime World

Africa’s Small Businesses Face Cybersecurity Challenges

The Importance of Cybersecurity for Small and Medium-Sized Enterprises (MSMEs)

The majority of businesses in Africa are small and medium-sized enterprises (MSMEs), making up 90% of all businesses across the continent. However, despite their importance, many MSMEs lack the resources and expertise to ensure the cybersecurity of their systems.

Challenges Facing MSMEs

  • Lack of Technical Expertise: Many MSMEs have lean teams that specialize in a specific product or service, but do not have the necessary skills to provide sufficient cybersecurity protections for their offerings.
  • Limited Budget: MSMEs often lack the budget to invest in critical resources like hardware and software, making it difficult for them to effectively stymie attacks or breaches.
  • Difficulty Navigating Cybersecurity Regulations: Cybersecurity regulations are often built with larger firms in mind, leading to a disproportionate burden on smaller businesses that may not have the necessary in-house expertise to comply.

Bright Spots Across Africa

  • Nigeria: Awareness of cybersecurity risks and requirements is relatively strong among organizations of all sizes.
  • Kenya: Mobile money users have taken cyber awareness-raising matters into their own hands, sharing tips on social media to mitigate SIM-swap threats.

Innovative Partnerships for Cybersecurity Awareness

  • South African Banking Risk Information Centre’s #TakeACloserLook Campaign: An online campaign launched by a nonprofit company formed by four major banks to encourage people to build awareness about online threats and develop cyber hygiene practices.
  • Private Sector Partnerships: Innovative partnerships between private sector actors are helping to increase cybersecurity awareness and support MSMEs in overcoming their unique challenges.

Conclusion

While small businesses in Africa face significant cybersecurity challenges, there are opportunities for innovative partnerships and awareness-raising initiatives to help them overcome these challenges. By working together, we can ensure that all businesses, regardless of size, have the resources and expertise needed to protect themselves against cyber threats.