Your C-suite Should be Talking About Cybercrime

With the unprecedented number of people working from home due to COVID-19 in the past two years, sensitive organisation data is even easier to access now than ever before, and cybercriminals are well aware. As more South Africans also move towards online shopping, so have criminals, according to the South African Banking Risk Information Centre (SABRIC).

In their Annual Crime Statistics report, SABRIC noted that the top cybercrime techniques in South Africa continued to be phishing, vishing and SMishing.

Five years ago, big corporates were experiencing 1-2 data breach attempts on their network; currently, this rate has increased to more than 150 per day. The average cost of a cyber breach for a corporate is in the region of $2.5m.

While there’s significant data and advice when it comes to cybercrime on an individual basis in South Africa, the same can’t be said when it comes to an organisational basis. But knowledge is power!

A cybercrime strategy is nevertheless a top priority for any organisation, and if you’re a key decision-maker in your organisation, then cybersecurity should be at the top of your list of business priorities. Why? Because cyber breaches are more than just about money – depending on how severe an attack or breach may have been, it can affect your reputation and credibility as a business. Look out for our next series of posts where we unpack Cybercrime in even greater detail.