The latest report on the cost of data breaches in South Africa from IBM shows an increase on average compared to last year.
It is that time of year again when IBM shares its latest Cost of a Data Breach Report. Looking atfor this year does not make for good reading, as on average data breaches have proved a more costly affair for South African businesses
“Lost business and post-breach customer and third-party response costs drove the year-over-year cost spike worldwide, as the collateral damage from data breaches has only intensified. The disruptive effects data breaches are having on businesses are not only driving up costs but are also extending the after-effect of a breach,” IBM explained.
“When these technologies were used extensively, local organizations incurred an average R19 million less in breach costs, compared to those without security AI and automation deployments,” IBM unpacked. “AI-driven security solutions can support the detection and mitigation of risks more efficiently. They are also critical in fortifying the defenses of our organizations to help ensure business resiliency and empower organizations to navigate the evolving cyber landscape securely and confidently,” she emphasised.
“Mounting staffing challenges may soon see relief, as more organizations worldwide stated that they are planning to increase security budgets compared to last year , and employee training emerged as a top planned investment area,” it continued.
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