Rising Cyber Risks Threaten Africa’s BFSI Sector
Interpol's 2024 African Cyberthreat Assessment reports a 23% increase in weekly cyberattacks on African businesses in 2023. The IBM 2024 Cost of Data Breach report indicates the average cost of a breach in South Africa has risen to R53.1 million.
Fortifying Africa’s Financial Future: BFSI Security Summit Hits Johannesburg in 2025
In 2020, South Africa’s Experian breach compromised the data of 24 million individuals, highlighting vulnerabilities in the financial sector. In 2023, the Medusa hacking group targeted the Malian subsidiary of Bank of Africa, stealing two terabytes of data and demanding $2 million.
