South Africa faces a growing cybercrime problem, with small businesses particularly vulnerable. Despite the escalating cost and frequency of attacks, many businesses lack adequate cybersecurity measures and insurance coverage. Experts urge businesses to prioritize cybersecurity, raise staff awareness, and ensure they have the right insurance to mitigate risks.
'Although attacks on large corporations may make the headlines, it’s the frequent attacks on smaller businesses that are more concerning.'The cost of businesses not prioritising their cybersecurity in South Africa sat at R53.1 million in 2024, a 10% increase from 2023.
“This is particularly concerning as South Africa has been identified as a hotspot for crimes such as identity theft, data breaches, malware and phishing scams.”Twalo says South African businesses of all sizes should use this opportunity to reassess their approaches to cyber risks.“Although attacks on large corporations may make the headlines, it’s the frequent attacks on smaller businesses that are more concerning.
The Santam survey shows that 44% of large commercial and 28% of large corporate respondents are leading the way in taking up cyber insurance.Ransomware “Security measures could include providing work-issued computers to employees working remotely, ensuring they are used only for work-related tasks, and installing anti-malware protection to detect threats.
CYBERSECURITY SMALL BUSINESS SOUTH AFRICA CYBERCRIME INSURANCE
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