Cyber Crime

Businesses, organisations and agencies experience serious hacks and breaches every day. Risks and incidents increase day by day as technology improves. The type of incidents can be divided into:

  • system failure and data corruption;
  • infection by viruses or malicious software;
  • computer fraud; and
  • attacks by unauthorised outsiders.

Certain African countries are aware of the risks and have started working on national Cyber Security Policies. In South African it seems that businesses are more permissive in handling their cyber and data breach risks. However, South Africa is fast becoming a big target for cyber criminals. There is a tendency within South African businesses to leave regulatory and security compliance until it becomes an emergency.

According to a report by Symantec, over one million South Africans were cyber crime victims in 2012, at a cost to the country of US$337 million (R3.42 billion), or US$233 (R2,367) per victim. The report also states that South Africa is the third most attacked country in the world, with 73% of respondents indicating they have been affected by cyber crime in the last year. (Russia was the most hit (85%), followed by China (77%).)

Cyber security incidents increased 25% in 2013 and the average financial costs of incidents rose 18% according to PwC.

The absence of a secure ISMS can leave you open to cyber threats and data breaches. If you suffer either of these, you could be liable to pay hefty fines and suffer significant brand damage which would result in a loss of trust between you and your customers/clients.

 

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