A total of 1 billion personal data were lost by South Africa to hackers last year, according to a study conducted by IBM.
The study showed one billion pieces of personal data were lost in 2014, leading to a cost of R432 256 000. It added that hackers have escalated their activities in 2015, already costing local businesses R465 412 000 – an increase of 7.67%.
The IBM Q1 Xforce report and earlier Ponemon Institute reports found that all metrics related to the impact of cyber crime had increased significantly.
The cost in lost business increased from R16 332 400 to R19 279 600. The cost of a forensic investigation jumped from R9 332 800 to R12 157 200 and even the cost per lost record increased marginally from R1 953 to R2 088.
The IBM study found that while SA was relatively young in terms of the country’s exposure to internet-based crime, cyber crooks were taking a closer look at the local environment.
“South Africa faces unique challenges, and with global trends flowing down, it is critical that businesses understand their vulnerabilities and make sure they are protected,” said the study.
Industries such as health and education faced the most serious risk of data loss, according to the research.
