Report: Expected Increase in Corporate Security Threats in Kenya by 2024

So, picture this – you’re a business owner or security officer working in the bustling land of Kenya. While we’re talking about a place known for its robust economy and vibrant tech scene, it’s also a place that, according to a recent report, is going to see some of the highest rates of corporate security threats in the world this year.

There’s quite the list of threats to look out for. Some are the usual suspects, like supply chain attacks, malicious damage, sneak attacks from the competition, and leaking of sensitive info. But did you know the future may throw in threats from pandemics, climate change, war, and political instability too?

The funny (or not-so-funny) thing is, security honchos in Kenya seem more worried about one-upmanship from hackers, protestors, and spies than anyone else in the world – fears that 63% of them share! Compare that with a regional average of 58% and a global average of 50% – yikes.

Speaking of those in charge of security, the data for this report comes from a survey of 1,775 chief security officers (or those holding equivalent roles) across 30 countries. We’re talking about senior folks in the biggest global corporates, companies that brought in a whopping $20 trillion combined in 2022.

Now, go grab a chair, because it seems Kenyan companies are expecting some big internal threats this year. Misuse of company resources or data, unauthorized access to company data or networks, leakage of sensitive information, internal fraud, and even the theft of company physical property by employees are on that worry-list. The report suggests that these concerns are more prevalent here than literally anywhere else on the globe.

But don’t lose hope just yet! A whopping 69% of our local security chiefs plan to wield tools like biometrics and facial recognition tech in the battle against these threats over the next five years. That’s definitely above the global average of 40%.

Sadly, more security officers in Kenya reported suc ker punches in the form of business interruptions and revenue loss following a security incident than anywhere else. Picture Kenya, standing second-highest globally in terms of companies seeing a dip in stock prices after a security mess up. Direct hits to business continuity are also a worry, with a whopping 35% saying their supply chain got disrupted during security incidents.

That said, it seems companies are rolling up their sleeves and ready to fight. We’re talking huge spends on security, with plans of significant increases in budgets for the coming years. In fact, 78% of our local security bosses are saying their top budget priority over the next year will be making sure they’re ready for whatever risks and threats come their way.

Add to that, outside threats aren’t exactly shy either. Fraud is causing jitters for 41% of our security officers, a figure that’s higher than anywhere else globally. Throw in rival sabotage, copyright cheats and vandals, who are all setting off alarm bells louder here than any other place in the world.

But hey, let’s remember, Kenya is a powerhouse. It’s growing at a dazzling pace and with growth comes challenges. Leaders need to be on their toes, ready with security programs that combine the right intelligence, people, and tech. What’s clear is that everyone’s realizing that the modern-day security professional has to be a Jill-or-Jack-of-all-trades, technology whiz and customer service guru.

In the end, remember, security is no longer just about stopping bad things before they happen. It’s about minimizing disruption when, not if, breaches do occur, because just like the breathtaking landscapes and heart-stopping safaris, risks here in Kenya are also part of the package deal.

by Morgan Phisher