A 2017 report titled "Demystifying the Africa Cyber Security Poverty Line" has revealed that approximately 81% of cyber security incidents in Nigeria go unreported or unresolved. Furthermore, the report revealed that cyber crime cost Nigeria an estimated $649 million in 2017.
The report was published by Serianu Limited and launched in Lagos during June 2018.
Key highlights from the "Demystifying the Africa Cyber Security Poverty Line" report.
"The Security Poverty Line means the line below which an organisatio cannot effectively protect itself against losses to cyber attacks. In our quest to answer this question we surveyed over 700 business professionals from various businesses in 10 countries across Africa. We then cross-examined their expenditure on on cyber security. The findings from this survey shockingly point that most businesses, especially SMEs, are struggling to put in place basic cyber security structures." said William Makatiani, CEO at Serianu Limited, when explaining how they compiled the report.
Makatiani added that 96% of Afrikan organizations in private and public sectors are either operating on or below the "Security Poverty Line."
"Most of these organizations spend a maximum of $1,500 annually on cyber security technologies and services," said Makatiani.
What is interesting to observe from the report is that Nigeria, which is estimated to have a population of 195 million people, is said to have on 1,800 certified information security professionals, a number almost exactly the same as Kenya (1,600 certified information security professionals) which has an estimated population of 50 million people.
The report correlates with what we have also observed over three years of reporting on data breaches and leaks across across Afrka at iAfrikan, and that is, information security appears to be an after thought at most businesses including big corporations. Furthermore, as the report suggests, there is a vast shortage of information security professionals across the continent.