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Businesses Security The Almighty Buck

Cybercrime is Costing Africa's Businesses Billions (qz.com) 47

An anonymous reader shares a report: Sophisticated malware, software security breaches, mobile scams -- the list of cybercrime threats is growing. Yet African nations continue to fall short of protecting themselves and must constantly grapple with the impact. A new study from IT services firm Serianu shows the pervasive nature of cybercrime across the continent, affecting businesses, individuals, families, financial institutions, and government agencies. The study shows how weak security architectures, the scarcity of skilled personnel and a lack of awareness and strict regulations have increased vulnerability.

Cybercrime cost the continent an estimated $3.5 billion in 2017. The report found more than 90% of African businesses were operating below the cybersecurity "poverty line" -- meaning they couldn't adequately protect themselves against losses. At least 96% of online-related security incidents went unreported and 60% of organizations didn't keep up to date with cybersecurity trends and program updates. (In addition, at least 90% of parents didn't understand what measures to take to protect their children from cyber-bullying.)

Cybercrime is Costing Africa's Businesses Billions

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  • by Anonymous Coward on Thursday June 14, 2018 @06:32AM (#56782246)

    Hello Sir,

    permit me to inform you of my desire of going into business relationship with you. I have the believe you are a reputable and responsible and trustworthy person I can do business with from the little information so far I gathered about you during my search for a partner and by matter of trust I must not hesitate to confide in you for this simple and sincere business.

    I am Jame Ponzi 19 years of age the only daughter of late Mr Ponzi whom was injustly pursued by the corrupted US government. I ran to Canda from were I am contacting you. Before the death of my father he told me that he has a sum of US$9,000,000(Nine million united states dollars) kept in a private security company here in the US and my name as the next of kin,

    Dear, in the capacity of the next of kin and with all the documents in my hand now, I am contacting you with due sence of humanity that you will give it a sympathetic and mutual consideration.

    I am honourably seeking your assistance in the following ways.

    (1)To serve as the guardian of this fund and to come assist me visit the security company here to retrive the consignment. ....... :)

  • by Anonymous Coward on Thursday June 14, 2018 @06:33AM (#56782248)

    "The Wig reasoned that all that
    obsolete silicon had to be going somewhere. Where it was
    going, he learned, was into any number of very poor places
    struggling along with nascent industrial bases. Nations so
    benighted that the concept of nation was still taken seriously.
    The Wig punched himself through a couple of African back-
    waters and felt like a shark cruising a swimming pool thick
    with caviar. Not that any one of those tasty tiny eggs arnounted
    to much, but you could just open wide and scoop, and it was
    easy and filling and it added up. The Wig worked the Afri-
    cans for a week, incidentally bringing about the collapse of at
    least three governments and causing untold human suffering.
    At the end of his week, fat with the crearn of several million
    laughably tiny bank accounts, he retired. As he was going
    out, the locusts were coming in; ofher people had gotten the
    African idea."

  • they have all the knowledge they need, right there, in nigeria.

  • by onyxruby ( 118189 ) <onyxruby@[ ]cast.net ['com' in gap]> on Thursday June 14, 2018 @08:26AM (#56782502)

    How many companies write off doing business with Africa due to rampant and persistent fraud from Nigeria alone? Whether your buying or selling to Africa, the risk of theft and fraud is more than a lot of businesses and people want to deal with. How much business is lost in Africa due to these concerns? Africa needs to deal with corruption if it ever wants to truly prosper.

    • by Anonymous Coward

      Corruption, political instability, extreme poverty - it all goes together. Once in a while an African country gets a decent government, but it's hard to keep it when all around you are greasing palms and threatening rebellion. Botswana, for instance, is a pretty decent place on the whole - but it has a long land border with Zimbabwe, which has been a corrupt hellhole for far too long. Now that Mugabe's gone, there's a chance for change there - but only a chance, it's still quite possible that Zimbabwe's new

  • Africa you say? They should contact that prince in Nigeria. I'm pretty sure he must be able to help, judging from the promising emails I get from him.
  • as though we do? (Score:5, Insightful)

    by cascadingstylesheet ( 140919 ) on Thursday June 14, 2018 @08:30AM (#56782532)

    (In addition, at least 90% of parents didn't understand what measures to take to protect their children from cyber-bullying.)

    Like we do??

    Kids everywhere have pocket internet connected computers, social media accounts, etc. and the vast majority of first world parents don't care (or don't have a clue that this kind of exposure is optional).

    We don't let our kids have them and we are considered weirdos by our society.

    I'd say the 90% figure applies here equally well.

  • by mi ( 197448 ) <slashdot-2017q4@virtual-estates.net> on Thursday June 14, 2018 @10:48AM (#56783176) Homepage Journal

    There, fixed the headline for ya'll: "Crime is Costing Humanity Trillions". The amount of effort and materials we have to put into locks, fences, safes, etc. is mind-boggling. And, in addition to those expenses, the law-enforcement efforts — in the US alone — are estimated as $280 billion per year [gao.gov].

    Remember this, when someone tries to romanticize criminals (such as with "Godfather").

    • S/Godfather/capitalism/
      S/Godfather/patriotism/

      • S/Godfather/capitalism/

        I grew up in the USSR. There were far more locks, fences, and armed guards than in the land of Capitalism.

        So, take your anti-Americanism, shove it up your ass, and move to Venezuela...

        • Too bad that like many traumatized people, your response to trauma is to automatically admire the other side no matter what.

          When I wrote patriotism in there, I referred just as much to USSR as I did to the USA. Also, I am not living in the USA, but rather in a country that has a public health system and yet is not Venezuela or USSR or Luna. Would you believe that such a thing is possible?

          • Luna is Cuba, fucking autocorrect :(

          • by mi ( 197448 )

            Too bad that like many traumatized people, your response to trauma is to automatically admire the other side no matter what.

            Bullshit. And off-topic — what I said about crime-fighting efforts in the USSR is still true regardless of why I admire Capitalism.

            When I wrote patriotism in there

            This is even further too is off-topic.

            I am not living in the USA, but rather in a country that has a public health system

            Oh, wow, yet another irrelevant topic...

  • Question: What's funnier... Nigeria with a cybercrime problem or...

    Forget it. Nothing is funnier than Nigeria with a cybercrime problem.

  • Not really surprising. I just got back from Zimbabwe and was shocked at how much of their economy has been converted over to something called "Eco-Cash". It's basically PayPal over text messages. Yeah, I would say it's insecure.

  • There, title corrected for accuracy ..

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