While South Africa doesn’t top the list for the country under the biggest threat from cyberattacks, numbers have recently risen.
The widely available use of AI tools is evolving, accelerating and increasing the volume of global attacks, making an investment in defence all the more necessary.
IBM reports that the global average cost of a data breach in 2024 was $4.88 million, with companies losing more than money as reputation and customer trust are damaged, affecting long-term company growth. The same year, 43% of businesses lost existing customers due to cyberattacks.
Global cybersecurity spend is forecast to reach over $377 billion by 2028, with the US and Western Europe accounting for over 70%.
AI tools are also key to building a defence, with organisations leveraging them to incorporate into their security strategies and ensuring staff are sufficiently trained to identify threats.
Organisations must stay vigilant to the current threat landscape and implement strong measures to protect their data. A proactive security approach is essential, not only for immediate operational protection but also as a lasting competitive advantage.
Are your teams trained to recognise and report potential threats?
Citation: https://www.fortinet.com/resources/cyberglossary/cybersecurity-statistics