Eighty percent of South African businesses say they have experienced a cyberattack in the past year – but only 32% prioritise cybersecurity training among employees – according to new research from Vodacom Business.
The company’s latest report, “Cybersecurity as an Imperative for Growth” – conducted in partnership with Omdia – says that the cost of these attacks on local businesses has reached R2,2-billion annually.
“Just as the cloud, IoT technologies, and mobile networks have empowered businesses cybersecurity needs to be seen as an important enabler for growth,” says Videsha Proothveerajh, director of Vodacom Business. “Our report provides vital information on why businesses need to prioritise cybersecurity. It serves as an essential resource for organisations and decision-makers looking to understand cybersecurity risks and implement effective strategies to protect their assets and data.”
The report examines various aspects of cybersecurity including the most prevalent types of cyberthreats 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,” Proothveerajh says. “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.”