How much a data breach costs South African companies in 2023
IBM Security has released the findings of its latest Cost of a Data Breach Report.This represents a 73 percent increase since the Report first began eight years ago.is top of mind for many, if not all organisations, especially those operating in South Africa where cybercrime continues to rise at a concerning rate. This as the costs associated with a hack or data breach can prove crippling for local organisations.
Further breaking down the aforementioned R49.45 million figure, IBM Security explains that much of the cost goes into investigations in order to identify specifically what happened to result in the breach. As with many data breaches in recent years, the human element is the one to blame. This as stolen or compromised credentials and phishing scams constituted 14 percent each as the initial attack vectors, according to the report.
“Organizations should look to modernize their perimeter security strategies to enhance protection of their financial data by using zero-trust security solutions, underpinned by AI and automation, to increase their cyber resiliency, manage the risks and comply with strict data privacy policies such as the Protection of Personal Information Act ,” she advised.
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