FX volatility, AI attacks raise Africa’s cybersecurity costs

Increasingly complex cyberattacks, coupled with volatile foreign exchange rates and stricter data protection regulations, are driving up cybersecurity costs for African businesses, according to a new report. A study by Heirs Technologies titled ‘Africa’s Cybersecurity Landscape 2026’ reveals that over half of the observed cybercrime incidents across Africa now employ artificial intelligence, making attacks more sophisticated and harder to detect.

The rising use of AI has led to phishing messages with click-through rates as high as 54 percent, compared to 12 percent for manually created attacks. The report, which focuses on Nigeria, Kenya, and South Africa, highlights that cyberattacks are becoming more automated and personalized, posing greater financial and operational risks to businesses.

Foreign software platforms priced in dollars and euros also expose companies to currency fluctuations, as security tools and cloud infrastructure are often costly when local currencies depreciate. This financial strain is compounded by the high incidence of cyber-enabled fraud, with 82 percent of respondents in Sub-Saharan Africa reporting that they or someone in their network faced such fraud in the past year.

The report's author, Obong Idiong, CEO of Heirs Technologies, emphasizes the need for stronger security foundations to support Africa’s digital growth amid escalating cyber threats.