Tag: cyber breach

Insurance is a mature and historically stable industry, operating on established, reliable business strategies and methods. However, when digital technology really began to take hold with consumers, it upended traditional insurance models.

Another day, another data breach. South African businesses are becoming more susceptible to cyberattacks and seem to be easy targets for criminals. Data breaches are now a common phenomenon with Nedbank, Momentum, Lombard Insurance, Experian and Stefanutti Stocks making headline news.

The IT landscape in South Africa is facing some of its biggest shifts yet, and businesses must be ready to adapt accordingly. Adjusting to technological advancement will certainly bring new challenges in the form of security and compliance, but agile businesses that are ready to make the necessary changes will benefit greatly from this fast-changing dynamic.

Every organisation with a network, an online presence and holding or accessing confidential data is at risk of cyber-breach or attack. The very nature of the internet means that cyber criminals from anywhere in the world can hit any specific targets.

Cyber-attacks are increasingly becoming more and more sophisticated, and the magnitude of their impact across all industries globally is at an all-time high. A number of reports in the last two years revealed that the BRICS economies (Brazil, Russia, India, China and South Africa) were found to be amongst the largest victims of cybercrime. According to VM Advisory*, South Africa is listed as one of the ten globally most vulnerable countries to cyberattacks.