Cyberattacks and data breaches now rank number six in the top 10 risks facing organisations today. The risk entered the top 10 list for the first time in 2015, at number 9, and is projected to go from six to three in the next three years.
Startling figures have changed the public perception of cyberattacks:
- Malware attacks in SA increased by 22% in the first quarter of 2019 compared to the first quarter of 2018, translating to around 13842 attempted cyberattacks per day.
- A data breach in South Africa costs an average of R36.5 million.
Top industries purchasing cuber insurance are as follows:
- Investment and finance – 83%
- Healthcare – 81%
- Retail trade – 78%
- Banking – 75%
- Insurance – 73%
Source: Risk Africa