Underground Cyber Economy and the Implication for Africa's Development

Abstract

Cybercrime and the activities of the underground cyber economy has detrimental consequences for the growth, development, and wellbeing of individuals, groups, organizations, and nations of the world. Criminal activities such as hacking, identity theft, scams, fraud, and cloning on individuals, corporate bodies, and nations are attempts by cyber criminals to illegally scoop funds out of these various treasuries for personal use, all of which have tremendous consequences for personal, corporate, national, and hence, continental development. The underground cyber economy is a key factor that has enhanced the continued perpetration of cybercrime activities. Leaning on the space transition , innovation diffusion, and the gang theories, as well as resources gathered from past studies, the current study examines the underground cyber-economy and its implications for the development of Africa.