In 2024, the financial landscape in Africa has been rocked by a series of high-impact cyberattacks, underscoring the urgent need for enhanced digital defenses across the Banking, Financial Services, and Insurance (BFSI) sector. From Uganda to Zimbabwe and South Africa, institutions are increasingly in the crosshairs of sophisticated cybercriminal groups.
One of the most alarming incidents involved the Bank of Uganda, which reportedly lost approximately $16.8 million to an offshore hacking group known as “Waste.”
In a similar breach of security, ZB Financial Holdings in Zimbabwe suffered a ransomware attack in July that led to substantial data exposure, compromising both customer details and operational systems. South Africa’s Standard Bank also confirmed a recent data breach that affected limited personal and financial data, highlighting how widespread and varied these threats have become.
Interpol’s 2024 African Cyberthreat Assessment paints a grim picture—cyberattacks on African businesses surged by 23% in 2023, with ransomware and data breaches being the most prevalent.
These figures reflect not only a rising frequency but also the growing sophistication of cybercrime on the continent. The IBM 2024 Cost of a Data Breach report further reveals that the average cost of a data breach in South Africa has risen sharply to R53.1 million, a significant jump from R49.45 million the previous year.
Historical incidents continue to serve as cautionary tales. The 2020 Experian breach compromised 24 million pers
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