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South African companies increasingly aware of cybersecurity, mitigating against risks

21st November 2024

By: Schalk Burger

Creamer Media Senior Deputy Editor

     

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Assurance, advisory and tax services company PwC’s 'Global Digital Trust Insights Survey 2025: South Africa' report shows that 66% of South African organisations prioritise mitigating cyber-risks, which is higher than the global average of 57%.

This proactive stance towards cyber-risk mitigation reflects heightened vigilance and a commitment to addressing the growing threat landscape.

“This is especially pertinent given the rate at which cyber breaches are occurring on the African continent, and the subsequent financial impacts that have a severe knock-on effect on business continuity operations and companies' wider stakeholders,” says PwC Africa cybersecurity leader Hamil Bhoora.

As cyberthreats evolve, South African organisations are increasingly prioritising cybersecurity defences to safeguard their digital infrastructure and maintain trust in an interconnected world.

“It is evident that South African organisations are increasingly becoming aware of the critical importance of cybersecurity and taking a proactive approach to mitigating these risks. Some of these key actions include quantifying cyber-risks, enhancing cloud security and investing in robust cybersecurity defence measures.

“By taking this approach, organisations will be well-positioned to navigate the evolving threat landscape, maintain digital trust and promote business resilience,” he says.

“Business leaders’ heightened focus on cybersecurity risks, reflects a growing recognition of the importance of protecting against cyberattacks and ensuring the resilience of their operations,” says PwC South Africa Forensics Technology partner Junaid Amra.

Further, another significant concern among business leaders is the threat posed by hack-and-leak operations.

“These incidents, where sensitive information is stolen and publicly disclosed, pose a severe risk to the reputation and operational integrity of organisations,” he explains.

The survey indicates that African organisations are particularly vigilant about these threats, emphasising the need for robust data protection measures and incident response strategies, he highlights.

However, only 29% of South African organisations expect to increase their cyber budgets by between 6% and 10% in 2025.

This planned increase reflects the commitment from companies that are aiming to strengthen their cybersecurity defences and address the ever-evolving security threat landscape, Bhoora says.

Some of the most damaging data breaches have occurred in the past three years and cost South African organisations between R18-million and R361-million.

Further, data breaches also remain a critical issue, with many organisations reporting significant impacts from such incidents.

“The financial and reputational damage caused by data breaches underscores the necessity for comprehensive security protocols and continuous monitoring to detect and respond to breaches promptly,” says PwC South Africa cybersecurity partner Johan Pretorius.

“While some organisations have managed to avoid being breached, our survey findings indicate that this remains an ever-present threat, necessitating ongoing vigilance and investment in cybersecurity,” he emphasises.

The survey also shows that 47% of South African organisations express significant concern about cloud-related threats over the next 12 months.

This highlights the need for robust cloud security measures to protect sensitive data and ensure business continuity. As more businesses migrate to the cloud, the focus on securing these environments becomes paramount, he adds.

However, 47% of South African organisations face significant challenges with internal stakeholder trust in genAI.

This indicates a need for better communication, education and trust-building measures to effectively integrate genAI technologies into their businesses, says Pretorius.

Edited by Creamer Media Reporter

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