Systemic literature review on cyber insecurity impact on the African economy

The rapid growth in technological advancement and adoption of digital electronic transaction gateways have had profound impact on global economy but this is not without the attendant security risk. The entire human ecosystem is managed through the adoption of ICT and the benefits are evident in the healthcare system, economy, education, political and businesses sectors globally. Cyberspace has become the converging point for information sharing and management as well as a platform for governments, cooperate organizations and individuals to harmonize their common goals. It is also a platform for information warfare involving state actors, business managers, and domain experts. The objective of the research is to investigate the threats and natures of cybercrimes and their impact on the African economy with a particular focus on Nigeria, and Ghana. A systemic literature review methodology was used to provide an in-depth understanding of the economic impact of cyber insecurity on the African continent. The estimated cost of cyber-crime in Africa is put at $895m which has continued to soar with Nigeria losing about $550 million to cybercrime, Kenya ($175 million), Tanzania ($85 million), Ghana ($50 million), and Uganda ($35 million) each on a yearly basis. The study recommends the adoption of a more proactive and defensive cybersecurity resilience approach through the strengthening of existing cybersecurity policy frameworks and implementation strategy, rather than the reactive approach which has been the case in most developing countries. The need to be more deliberate in investing in training well-skilled Domain experts as well as providing infrastructures that support cybersecurity defense cannot be over-emphasized.