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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.
Businesses are, for a large part, uninformed and risk averse towards securing IoT. Enterprise, industrial and commercial IoT is a sticking point for business, particularly in South Africa, where boards of directors and senior executives are not yet knowledgeable about the benefits. This causes them to be exceptionally averse to risk, but this is changing as younger and more informed ‘tech-savvy’ executives are being appointed to boards.
On a recent visit to BDO in Norway, it struck me that many South African-based businesses and organisations are increasingly exposed to cyber threats and vulnerabilities of which they are blissfully unaware.