With one of the most advanced ICT infrastructures in Africa, South Africa is also a frequent target of cyber-criminals. In fact, the country has the third-largest number of cyber-crime victims worldwide. In 2018, digital banking fraud cases increased by 64 percent, despite significant investment in cybersecurity. As South Africa stepped up its efforts to mitigate digital threats to its banking sector, it turned to USTDA and American companies for solutions.
In 2019, USTDA responded with a reverse trade mission for South African regulators and bank representatives that showcased American innovation in cybersecurity policy and technology. Delegates conferred with U.S. government officials about regulation and best practices for implementing digital security investments. Participants also met with dozens of American firms that specialize in state-of-the-art cybersecurity solutions and products.
Within a few months of the visit, South Africa deployed the latest American cybersecurity solutions that are now shoring up its resilience to digital threats, protecting millions of the country’s consumers from cyber-crime.
USTDA’s Chief Operating Officer and Head of Agency Todd Abrajano concluded that “The quick results of this visit demonstrate South Africa’s commitment to protecting its financial infrastructure with the best available cybersecurity solutions. USTDA is committed to helping build long-term partnerships between American companies and their South African partners.”
This activity is one example of how USTDA advances Access Africa, a USTDA initiative to develop quality ICT across Africa, and Prosper Africa, a U.S. government initiative to substantially increase two-way trade and investment between the United States and Africa.