As a number of African countries make the transition to the mainstream of the global economy, it is clear that technology plays an increasingly significant role. Sub-Saharan Africa has recently seen the emergence of an exciting, and growing, IT ecosystem bringing together entrepreneurs, tech ventures and innovation centres spanning multiple countries. From East Africa’s much heralded “M-Pesa” mobile money payment product to Nigeria’s “Jumia” e-commerce platform, sub-Saharan Africa boasts roughly 200 innovation hubs, 3,500 new tech-related ventures, and $1 billion in venture capital to a pan-African movement of start-up entrepreneurs.
Underpinning the growth of Africa’s growing digital economy is the need for cyber security expertise. Although most African countries do not record the cost of cyber related incidents to businesses in their countries, recent estimates suggest that they cost Nigeria and Kenya $500m and $250m respectively. Government networks in Africa are also susceptible to the cyber threat, as various departments adopt emerging technologies and automated processes, handling vast amounts of confidential information with limited cyber capabilities.
Multiple export opportunities exist for UK cyber security and data protection companies to do business with public, private and third sector organisations across sub-Saharan Africa. The African cyber security market is estimated to grow to $2.32 Billion by 2020 with the increasing focus on government regulations and compliance requirements and penetration of mobile devices and internet subscription being a major driver.
This evening seminar, with a panel of expert speakers, will aim to increase the knowledge base of UK tech companies on how to expand and do business in sub-Saharan Africa by exploring key opportunities but also the legal, regulatory and risk challenges facing companies. The event is also an ideal opportunity for cyber security professionals from the African diaspora to share their insights and experience.
If you have any queries regarding the event please do get in touch with the team.