A lack of security infrastructure represents one of the biggest challenges facing the continent as governments and businesses continue to make enormous strides in bringing African digitisation into the mainstream of globalisation. One of the biggest threats is financial losses. Cyber-attacks can result in significant financial losses for SMEs. The cost of remediation, data recovery, and damage repair can be substantial. In addition, a cyber-attack can lead to a loss of business, revenue, and customers, which can be devastating for small businesses. Cyber attacks can also seriously disrupt an SME’s operations, sometimes beyond repair. If a business’s critical systems are compromised or inaccessible, this can lead to delays, missed deadlines, and lost productivity. SMEs that suffer a cyber-attack may also face legal and regulatory consequences. Depending on the nature of the attack and the data that was compromised, SMEs may be required to notify customers or regulators, pay fines or penalties, or face legal action from customers or business partners. Fourthly, cyber-attacks can result in the loss of critical business data. This can include financial records, customer data, and intellectual property. Losing this data can have long-term consequences for an SME’s competitiveness and ability to function.
