The report highlights that rapid digitization across the continent offers tremendous opportunities, but also increases vulnerability to cyber threats.
Cybersecurity has emerged as a top concern for businesses in Africa in 2026, with 62% of chief audit executives (CAEs) in the region identifying it as their top risk. The findings come from the 2026 Risk in Focus report published by the Internal Audit Foundation in collaboration with the African Federation of Internal Auditors (AFIIA). The report highlights that rapid digitization across the continent offers tremendous opportunities, but also increases vulnerability to cyber threats.
Cybersecurity is currently the number one risk for organizations in Africa, with approximately 60% of internal audit departments prioritizing cybersecurity as their main focus. This change reflects a growing awareness of the threat posed by sophisticated cyber-attacks that continue to evolve in both size and complexity. Risks related to digital disruption, particularly the use of artificial intelligence (AI), have also increased significantly. These risks jumped from 6th to 3rd place in this year’s risk rankings. This shows that while technological advances bring innovation, they also create new vulnerabilities that organizations need to proactively address.
One of the most alarming trends highlighted in this report is the rise in AI-powered cyberattacks. Hackers are increasingly leveraging AI to develop more effective attacks, such as AI-powered identity spoofing schemes, that are difficult to detect and prevent with traditional security measures. The economic impact of these threats is significant. In 2023 alone, cybercrime will cost the African continent an estimated $10 billion, impacting businesses, governments, and consumers alike.
The report emphasizes that cyber risks do not exist in isolation. Rather, they are part of a complex web of interconnected challenges. Weak cybersecurity directly increases the risk of fraud. Digital tools and automation are helping governments and financial institutions reduce fraud, but they also expose users with low digital literacy to new forms of cyber fraud. Infrastructure vulnerabilities further complicate matters. Organizations that rely on computerized systems face increased risks from power outages and targeted attacks, and hackers are beginning to successfully bypass multi-factor authentication (MFA) mechanisms, once considered the gold standard of security. Additionally, many organizations face resource constraints that prevent them from proactively implementing digital fraud prevention systems. Companies often only respond after a major breach occurs, highlighting the reactive nature of current defenses.
In response to these evolving threats, internal audit departments across Africa are adapting their strategies. Many CAEs are moving to a more agile advisory approach rather than relying solely on traditional audits. This enables organizations to respond faster to emerging AI and digital risks. Cultural awareness is also a priority. Because low literacy and security awareness can exacerbate vulnerabilities, auditors are incorporating cybersecurity checks into all technology audits and employing tools such as cybersecurity quizzes to increase staff awareness. In addition, the audit function is also modernizing its tools. Organizations are moving away from over-reliance on traditional software and Excel and instead adopting AI-embedded auditing tools such as large-scale language models (LLMs) to better automate controls and enable more efficient detection of potential violations.
As Africa’s digital economy expands, this report makes clear that cybersecurity can no longer be treated as a peripheral concern. It’s a strategic imperative. Through a combination of advisory services, cultural awareness programs, and AI-driven tools, internal auditors are in a position to help organizations address the increasingly complex cyber threat landscape. Securing data, infrastructure and financial resources is essential not only for individual organizations but also for the continent’s broader digital future.
