Browsing: Digital economy

• Cyber security spending in Kenya is still low with half of state entities exposed to malicious attackers.
• Cyber Security Spending is projected to reach $8.4 billion in 2027.
• Banks will account for 85.6% of the financial services sector’s total spending on security products.

The increasing online threats to businesses across the region will see companies and government increase their cyber security spending to excess of $6.2 billion this year, new industry insights have shown.

Spending on security products and services in the Middle East and Africa (MEA), excluding Israel, will grow 10.3 per cent in 2024, reaching $6.2 billion, according to the latest Worldwide Security Spending Guide from International Data Corporation (IDC).

The firm’s newly released forecast indicates that this figure will reach $8.4 billion in 2027, representing a compound annual growth rate (CAGR) of 12.0per cent over the 2023–2027 forecast period.  Security software will account for the majority of …

• Three Kenyan startups have been selected for an incubation programme after winning the Cyber Security Hackathon at the just concluded Blue Economy Innovation and Investment Summit. 
• The three startups, which are based in Mombasa include Bio Secure, Tide Safetynet and Seatrust Navigator. 
• Sote Hub Founder David Ogiga says the three startups will receive six months technical and financial support to bring their ideas to life. 

Three Kenyan startups have been selected for an incubation program after winning the Cyber Security Hackathon at the recently concluded Blue Economy Innovation and Investment Summit. The startups, based in Mombasa, include Bio Secure, Tide Safetynet, and Seatrust Navigator. Sote Hub Founder David Ogiga stated that these three startups would receive six months of technical and financial support to bring their ideas to life.

“Our focus for this year’s hackathon at the conference was circular economy, cyber security, blue economy, climate change, and the digital …

• Africa only accounts for one per cent of the global digital economy. The US, China, and Asia hold dominant positions at 68 per cent, 22 per cent, and 27 per cent respectively.
• Ralph Mupita, President and CEO of MTN cites untapped opportunities in Nigeria’s digital economy, tipping that its potential will double by 2050 to $145 billion.
• Businesses must adapt to Africa’s evolving digital economy and embrace key trends to seize the vast opportunities in the continent.

There is a substantial gap between the digital economy of developed and developing countries in Africa. At the moment, Africa makes up one per cent of the global digital economy, while the US, China, and Asia occupy the top three spots with 68 per cent, 22 per cent, and 27 per cent of the total. This demonstrates how crucial it is for Africa to close the digital divide and capitalize on its growth …

An efficient crypto mining industry can generate more job opportunities in Africa as the demand for miners, blockchain specialists, and technology specialists increases, . This encourages nations to enhance their energy and technological capacities to support crypto operations. These enhancements can considerably benefit other industries and the economy as a whole.

African nations must embrace the chance to become a crypto mining hub. This can aid in the digital economy’s growth, citizens’ financial standing, and the infrastructure for energy production. Consequently, African governments can invest in cryptocurrencies to acquire alternative funding sources for developing renewable and alternative energy sources.…

World Bank further notes that the unified digitisation of the East African economy is estimated to generate up to a US$2.6 billion boost in GDP and 4.5 million new jobs that will largely benefit those at the bottom of the pyramid.

Data by GSMA reveals that by the end of 2020, 495 million people subscribed to mobile services in Sub-Saharan Africa, representing 46 percent of the region’s population, an increase of almost 20 million on 2019.

GSMA revealed that smartphone connections will more than double by 2025 in Sub-Saharan Africa with the East African Community registering the largest incremental growth, led by Rwanda and Tanzania. …

Another study by PureProfile, an advertising agency company, surveyed investors responsible for around US$700 billion assets under management. The results showed that twenty-five per cent of investor managers expect Africa’s internet industry to increase by 51 per cent in the next three years.

Over 71 per cent of professional investors expect the affordability of mobile phones in Africa to improve by 2025. Currently, the mobile phone economy accounts for an average of 6.8 per cent of monthly incomes. Ninety-seven per cent of all professional investors believe that the Coronavirus pandemic has accelerated the demand for mobile phones.

World Mobile is compounding its unique hybrid mobile network supported by low altitude platform balloons in Zanzibar, which it plans to roll out throughout the continent. The company is already in discussions with government officials in Tanzania, Kenya, and other territories underserviced by traditional mobile operators.…

Even though the country knows that diamonds are a finite resource, it still holds the world’s richest mine and is the biggest producer of gem diamonds. The country has become something of a role model for good development, powered by diamond mining.
20 percent of Botswana’s gross domestic product comes from this one commodity.
It propelled the country from the second poorest country in the world in 1966, at US$70 per person per year, to a middle-income country in 2021. Botswana estimates the diamond economy will start dropping in 2030. …

Based on a report by Disrupt Africa, funding for health tech startups in Africa jumped 257.7% from US$28.8m in 2019 to US$103m in 2020. These startups provide a wide range of services from scheduling medical consultations to telemedicine and digitalized imagery.

MaiSoin from Cote d’Ivoire uses a decentralized, gig-economy model, to facilitate the relationship between healthcare professionals and patients needing care at home or via telemedicine. In their first year of operations, they have had an average of 50% growth month over month and are already looking at potential expansions in the region.…

Blockchain technology has for long been associated with cryptocurrencies but there is so much more that it has to offer. …

The rise of digital technology presents a myriad of new inventions and conveniences and changes how people interact, communicate, and do business.

The immense benefits of technology carry with them cybersecurity risks. Given the complex and sometimes obscure nature of cyber threats, they are usually difficult to comprehend, identify and control. 

Issues of outright theft, hacking, piracy, identity theft, and information misappropriation, among other cyber-related activities, come to the fore when it comes to cyber risks. In addition, national security risks exist in the digital space that poses a significant threat. 

According to consulting firm Ovumone, it is estimated that the end of 2022 will see over a billion people having access to the internet. The rising internet access and improved digital usage open up the continent to increased online criminal activity.  

“Cybercrime is shifting towards emerging economies. This is where the cybercriminals believe the low-hanging fruit