South African Businesses Face R2.2 Billion in Annual Cyberattack Losses, Vodacom Report Finds

Vodacom Business has released its cybersecurity report titled Cybersecurity as an Imperative for Growth. The research, commissioned in partnership with Omdia, offers insights into the state of cybersecurity in South Africa, the importance of security frameworks in digital resilience and the latest attack methods adopted by cyber attackers.

Joined by industry stakeholders and cybersecurity experts, Vodacom Business presented key findings from the report, highlighting that in an era where digital transformation is accelerating, the importance of robust cybersecurity measures cannot be overstated.

The report reveals that 80% of South African businesses said they had experienced a cyberattack in the past year, with only 32% of organisations saying that cybersecurity training is prioritised among employees.

The cost of these attacks on businesses in South Africa has reached R2.2 billion annually, according to the South African Banking Risk Information Centre (SABRIC) and the Council for Scientific and Industrial Research (CSIR).

Just as the cloud, IoT technologies and mobile networks have empowered businesses, cybersecurity needs to be seen as just as an important enabler for growth. Our report provides vital information on why businesses need to prioritise cybersecurity, serving as an essential resource for organisations and decision-makers looking to understand these risks and implement effective strategies to protect their assets and data.

– Videsha Proothveerajh, Director, Vodacom Business

The report examines various aspects of cybersecurity, including the most prevalent types of cyber threats, such as ransomware, which remains the most severe threat facing organisations today. Just over a third (36%) of companies are confident they can prevent a ransomware attack without significant operational disruption. Omdia’s 2024 Cybersecurity Decision Maker Survey found that 41% of organisations globally have said ransomware is in their top three security challenges. For businesses that operate in the public, health and finance sectors, ransomware attacks are some of the most prevalent.

Set against the backdrop of rising ransomware, AI-powered cyberattacks and a lack of cybersecurity professionals in South Africa and across the globe, there is a lot of pressure on organisations to secure their infrastructure and daily operations. Cybersecurity tops the list of IT priorities in 42% of global organisations, including South Africa.

By prioritising cybersecurity, businesses can protect their reputation, maintain customer trust, and ensure operational continuity. Vodacom Business is committed to supporting businesses in their cybersecurity journey, equipping them with the tools and knowledge they need to safeguard their operations. We recognise that the question isn’t whether an attack will happen, but when. Turning to a digital solutions provider that understands the ins and outs of your operations is key to building a security posture that can mitigate risk, from the factory floor to the C-suite.

– Videsha Proothveerajh, Director, Vodacom Business

Download the full report for comprehensive insights and strategies to enhance your cybersecurity measures here https://www.vodacombusiness.co.za/sites/vodacombusinesscoza/files/media/documents/pdf/vodacom-ebook-cybersecurity-growth.pdf