The Role of Cyber security in a Digitalizing Economy: A Development Perspective

Abstract

A transforming economy undergoes several transformations including digitalization. The 21st-century economy must be driven on the wheels of digital technologies that cannot be wished away. This requires protecting vital information in the digital space with an increasing number of actual cyber-attacks and cyber frauds. The economy remains the base of any society and determines its level of development, any form of compromise in this institution spells doom for its various organizations or arms. There is a need to protect vital information which is key to development in any sector. Therefore, the paper interrogates the importance of securing cyberspace, especially in developing economies. Some prevalent cybersecurity threats include; malware that attacks information systems, information theft, and fraud in cyberspace. It becomes imperative that companies, organizations, individuals, and governments envisage security threats to their vital information and that of their clients and customers; and be proactive in adopting security measures and policies that will ensure the integrity of their information systems and reduce the cost of systems’ compromise.