INDUSTRY WATCH
Can cultivating security culture boost Africa ’ s economic growth ?
Cybercrime poses a significant threat to growth for developing nations . The World Bank ’ s World Development Report 2024 highlights how South Africa is stuck in the middleincome trap , where economic progress is hindered by limited growth in innovation . Escaping this cycle of poverty necessitates going beyond investment-driven strategies .
Countries must also adopt modern technologies and successful business practices from abroad and infuse them across their economies as ineffective cybersecurity protocols have a profound impact on emerging economies .
South Africa ’ s cyber threat preparedness remains low . Cisco ’ s 2024 Cybersecurity Readiness Index revealed that only 5 % of South African companies are at a Mature level of readiness , a significant drop of 19 % year-on-year . Failure to address cybersecurity vulnerabilities costs the economy billions . Interpol estimates accumulated losses to cybercrime of more than R2 billion , and businesses are losing critical resources to defend themselves against escalating attacks .
These threats directly undermine efforts to innovate , compete globally , and lift the country out of economic stagnation . To avoid falling deeper into this cycle , South Africa must prioritise building a cybersecurity culture across private and public sector levels , investing in education and infrastructure .
While many developing nations are elevating themselves out of poverty thanks to innovation , others are stagnating . The failure to create a cybersecurity culture is a major obstacle to growth and must be addressed by educating the population about cybersecurity and investing in the skills and tools to fight cybercrime .
These four foundational principles are essential for fostering a culture of robust and effective cybersecurity practices
Leadership and foundational education . Driving a cybersecurity culture must come from the top down , with leadership prioritising education and awareness as the foundations for cybersecurity resilience .
Embedding security habits . Security checks and habits should be integrated into the daily operations of both organisations and individuals to ensure continuous protection .
Reducing human error . Due to both skills shortages and the lack of a security-minded culture , automation is going to play a critical role in continuously verifying the security posture and the reaction to threats of organisations and individuals . This will be an area that AI plays a significant role in .
Collaboration for a comprehensive culture . Public-private partnerships are essential for building a broad cybersecurity culture , where governments provide reach , and the private sector contributes skills to scale security solutions effectively .
Building a strong cybersecurity culture is not a luxury , it is an urgent necessity . This will help secure South Africa ’ s economic future and empower the private sector and government to collaborate effectively in addressing cyber challenges .
Nabeel Rajab , Cybersecurity Specialist , Cisco partnering with financial technology , fintech companies , banks can reach underserved segments and offer innovative financial solutions .
The emergence of fintech and digital-first banks has increased competition and forced traditional banks to innovate . These newer banks often offer more digitalfriendly services and a focus on customer experience . Driven by the need to innovate to survive , traditional banks have responded by investing in digital platforms and partnering with fintech companies to offer more convenient features like instant transfers and AI-powered customer support .
With the emergence of Rich Communication Services companies are now able to offer a more enhanced customer experience compared to traditional Short Message Service . Key features include multimedia support , file sharing , branding , and two-way communication . RCS also provides stronger security features , such as encryption and verification , to reduce the risk of fraud .
AI-driven credit scoring for the unbanked , voice and conversational banking in local languages , and AI-powered financial literacy tools are key areas for future development . These advancements can further drive financial inclusion and growth in Africa ’ s BFSI sector .
By leveraging AI and digital technologies , South Africa ’ s BFSI sector can overcome legacy challenges , foster financial inclusion , and contribute to the country ’ s economic growth . This requires prioritising customer experience , addressing AI risks , and tailoring strategies to serve diverse populations .
Infobip is a global cloud communications platform that enables businesses to build connected experiences across all stages of the customer journey . Accessed through a single platform , Infobip ’ s omnichannel customised engagement , customer segmentation and profile management , user authentication and contact centre solutions helps to overcome the complexity of consumer communications . p
66 INTELLIGENTCIO AFRICA www . intelligentcio . com