Fraud to threaten Sub-Saharan Africa most in the world
1,775 Chief Security Officers (CSOs) in 30 countries at large, global companies with total revenue of more than $20 trillion took part in the research. 166 CSOs were surveyed in Sub-Saharan Africa.
External fraud is predicted to be experienced by 34% of those surveyed, well above the global average of 25%. Kenya is likely to be the country most impacted in the world at 41%.
Economic unrest will impact the region more than any other in the world and on par with Asia Pacific, according to 52% of CSOs and versus the world average of 47%. Nigeria will be the most impacted country in the region at 59% and second in the world, after Japan at 66%.
Companies anticipate a surge in activity from economic criminals, with 53% reporting they view this group as a genuine security threat over the next 12 months, up 10 percentage points on last year. This is above the world average of 49% and second highest in the world after North America at 59%.
Companies in Sub-Saharan Africa faced the highest number of internal and external security threats globally last year. 96% of companies in the region reported an internal threat compared with the global average of 89%; 93% reported an external threat last year compared with the global average of 89%.
Misuse of company resources or data is expected to be the biggest internal threat next year, cited by 54% of respondents and well above the global average of 35%. Kenya is predicted to be the country most impacted in the region by 63% of respondents.
“Africa is one of the fastest growing regions in the world and as companies grow they are faced with multiple challenges both inside and outside their businesses. Focusing on robust processes and early warning security systems will help with preparedness and the ability to tackle the challenges they face.
Economic unrest creates security pressures in many forms and leaders will need to be vigilant and innovative in tackling these, through the use of well-designed security programs that combine good situational security intelligence, the right people and security technology.”
Ashley Almanza, executive chairman of G4S, Allied Universal’s international business, said:
“Global businesses are facing increased security threats; a tight labor market globally; and rapidly changing technology that presents new risks and requires different skills. In addition, executive boards are grappling with balancing physical and cybersecurity alongside other priorities. The World Security Report helps our entire industry and the wider business community better understand and operate in the challenging, global and fast-moving security landscape.”
Key findings from the World Security Report in Sub-Saharan Africa:
Security threats and incidents
48% of CSOs say the disruption of energy supplies will be a genuine security-impacting hazard next year compared with a global average of 33%.
44% said climate change will be a genuine security-impacting hazard next year compared with a global average of 38%.
42% said ‘war or political instability in operating countries’ will be a genuine security-impacting hazard next year compared with a global average of 32%.
43% of companies say they will ‘significantly increase their physical security budget’ next year compared with a global average of 46%.
72% will invest in training staff compared with a global average of 52%.
The future of security
- 59% will be investing in ‘biometrics and facial recognition’ in the next 5 years, making it the biggest area of technology investment in the region. This compares with the global average of 40%.
About the 2023 World Security Report
This landmark research is an independent, anonymous survey of 1,775 chief security officers (CSOs), or those in equivalent roles, from large, global companies in 30 countries, with a combined annual revenue of more than $20 trillion in 2022, representing a quarter of the world’s total Gross Domestic Product (GDP). https://worldsecurityreport.com/