Ransomware Attacks Cost African Companies $4 Billion Annually

Are your company’s data at risk? Learn how to protect yourself from ransomware attacks. Ransomware attacks are costing African companies $4 billion annually. Here’s why you need to take action now. 88% of data breaches in Africa are caused by employee errors.

A recent report by Dell Technologies has brought to light a concerning trend in Africa’s business landscape. According to the findings, a significant 52% of companies in the region are ill-prepared to tackle large-scale cyberattacks. The report was unveiled during a forum held in Lagos, where Dell Technology, in collaboration with CWG and Mitsumi, discussed ways to mitigate the escalating wave of cyberattacks, most of which often go unreported. Astonishingly, over the last two years, Africa has witnessed a staggering 600% increase in cyberattacks due to this unpreparedness.

The report further revealed that ransomware attacks significantly impacted 61% of companies in the region during 2020 alone, leading to an annual loss of about $4 billion to these malicious assaults. Notably, the study highlighted that a startling 88% of all data breaches were caused by employee errors, emphasizing the importance of enhanced cybersecurity training and awareness.

Exploring the reasons behind this surge in cyberattacks, Ashraf Helmy, Regional Sales Manager for Dell, pointed out that the primary driving force is the immense value of data in today’s world. With data ubiquity, companies are exposed to multiple points of vulnerability, making them attractive targets for cybercriminals. A report from Verizon underlined that 90% of data breaches are financially motivated, further accentuating the urgency for robust cybersecurity measures.

Helmy emphasized that businesses must shift their perspective on cyberattacks, understanding that it’s not a question of “if” but “when” an attack will occur. In light of this reality, he stressed the criticality of having a solid recovery plan in place. Dell has taken strides in developing recovery tools that can help companies regain control of their data in the event of an attack. One such tool is the data vault, which Helmy advocated as a must-have for every company aiming to fortify its cybersecurity defences.

Unfortunately, many reports have shown that attacked companies often resort to paying ransoms in a desperate bid to retrieve their data. However, this approach doesn’t guarantee data recovery, leaving businesses exposed to potential financial losses and reputational damage. Dell’s dedication to aiding companies in safeguarding their data is reflected in its ongoing efforts to provide effective recovery solutions.

Advice to African Companies on Cyberattacks

In the wake of the rising cyber threats facing African companies, the recent forum ‘Tech-Driven Future-Building Tomorrow’s Innovation’ presented invaluable insights from experts at Dell Technologies, underscoring the significance of investing in technology to stay relevant and competitive.

Adekunle Windapo, Senior Systems Engineer at Dell Technologies, emphasized the critical role of collaboration in fostering successful innovation. He stressed that without meaningful collaboration, no organization can effectively address the challenges posed by cyberattacks. Windapo advised companies to streamline their Information Technology (IT) processes to boost productivity and efficiency.

Dell Technologies, with its substantial investment of $7.9 billion in research and development, stands ready to support organizations in transforming their ideas into profitable innovations through its comprehensive solutions.

Another valuable contributor, Afolabi Sobande, Chief Operating Officer at CWG, highlighted the significance of the strategic partnership between CWG, Dell Technologies, and Mitsumi. By uniting their expertise and resources, this collaboration has created an exceptional platform for thought leadership, knowledge sharing, and effective collaboration.

Sobande revealed that Dell, as the technology partner and owner of Mitsumi, an IT distribution company with a presence in Nigeria, has combined forces with CWG to deploy cutting-edge technology solutions to the market.