Cybersecurity is no longer just a technical issue — it has moved to the centre of strategic decision-making in companies. The warning was issued by Sérgio Magalhães, Chief Financial Officer of Absa Bank Moçambique, during an event dedicated to digital risks held this Thursday (23) in Maputo.
“Cyber risk is one of the greatest threats to any business. The numbers are clear. Across the African continent, each organisation records, on average, more than 2,000 cyberattack attempts per week — a constant pressure that exposes vulnerabilities and challenges defence systems,” he said.
According to the executive, the financial sector ranks among the three most targeted globally, while cybercrime, on a global scale, is already considered the fourth-largest “economy” in the world.
More frequent, sophisticated and invisible attacks
The increase in the number of attacks is accompanied by a significant evolution in the techniques used by criminals. Today, many schemes are virtually indistinguishable from legitimate communications, primarily exploiting human behaviour. During the event, Maubate Kekana, Head of Business Information Security Officer (BISO) at Absa, highlighted that as more aspects of daily life move into the digital space — from payments to social interactions — crime is adapting accordingly. “Criminals are operating in exactly the same spaces where we transact. And cybercrime is constantly evolving,” he warned.
Among the most common examples are fraudulent emails that mimic bank communications, highly convincing phone calls, and messages designed to prompt users to click on malicious links. “You receive an email that appears to be from your bank, or a credible phone call, and end up sharing sensitive data. By the time you realise, transactions have already taken place in your account,” he explained.
“Cyber risk is one of the greatest threats to any business. The numbers are clear. Across the African continent, each organisation records, on average, more than 2,000 cyberattack attempts per week — a constant pressure that exposes vulnerabilities and challenges defence systems”, Sérgio Magalhães
The impact, he stressed, is immediate and real. “It doesn’t matter whether it is a cyberattack or fraud — the effect is directly felt in the finances of individuals and companies.”
For his part, Antonios Christodoulou, CEO of Cyber Dexterity, reinforced the idea that the main entry point for attacks continues to be human behaviour. More than 90% of breaches originate from simple mistakes, such as clicking on a suspicious link or trusting a false identity.
“Cybercrime has become one of the largest global economies because it exploits something very basic: how we think and react,” he explained. According to Christodoulou, criminals take advantage of factors such as urgency, fear, or automatic trust, creating scenarios that lead victims to act without verification.
Antonios Christodoulou also explained that so-called “digital disinhibition” — a tendency toward less cautious behaviour in online environments — worsens the problem. On social media, for example, the collection of personal information enables highly personalised attacks, making them harder to detect.
In addition, the growing use of Artificial Intelligence (AI) tools is raising the level of sophistication. Technologies such as deepfakes allow voices and images to be replicated with high realism, while fake profiles on professional or social platforms are used to gain credibility and manipulate targets.
“When an attack occurs, it is not just a technical problem — it is a business problem. It can put an organisation in the headlines and directly affect customer trust”, Antonios Christodoulou, CEO of Cyber Dexterity
Africa on the radar of global cybercrime
According to the CEO of Cyber Dexterity, the African continent is increasingly on the radar of organised cybercrime groups, driven by rapid digitalisation and the perception of lower maturity in defence systems. The combination of technological growth and structural vulnerabilities creates a favourable environment for large-scale attacks.
The impacts go far beyond financial losses. They include reputational damage, loss of customer trust, and, in extreme cases, total disruption of operations.
“When an attack occurs, it is not just a technical problem — it is a business problem. It can put an organisation in the headlines and directly affect customer trust,” he warned.
In a context where attacks exceed thousands per week and cybercrime continues to grow globally, the message from the event was clear: digital security has become a shared responsibility and a strategic imperative for companies, institutions, and citizens.
Text: Ana Mangana
