Analyses & Studies
Data Breach Expenses Spike in South Africa, Study Shows
South African companies face a mounting threat as data breaches exact a heavy financial toll, reveals the 2023 Cost of a Data Breach Report.
The study, conducted by the Ponemon Institute and published by IBM Security, underscores the alarming reality of cybersecurity vulnerabilities.
With an average cost of R49.45 million per breach, South African organizations grapple with a significant uptick from previous years, marking an 8% increase since 2022 and a staggering 73% surge from 2015.
Data breaches, defined as events jeopardizing personal, financial, or confidential records, not only compromise sensitive information but also incur substantial recovery expenses.
Each compromised file costs an average of R2750 to rectify, intensifying the financial burden on affected entities.
The report highlights that while some breaches are internally detected, a significant portion remains undetected until reported by third parties or attackers themselves.
The financial sector bears the brunt of these breaches, with healthcare facing the highest global risk.
As cyber threats evolve, the report emphasizes the importance of proactive security measures and robust incident response protocols to safeguard sensitive data and mitigate financial losses.
