South Africa Data Breaches Cost 1.81% of GDP - Avoidable Economic Losses

South Africa Data Breaches Cost 1.81% of GDP - Avoidable Economic Losses

South Africa’s escalating cybersecurity crisis is inflicting a devastating blow to the national economy, with costly data breaches potentially knocking at least 1.81% off the country’s annual GDP, a series of avoidable own-goals that experts warn are entirely preventable. According to Cube ICT Solutions, a leading managed ICT services provider, the average cost of a single data breach now stands at R44.1 million in South Africa, based on the lat…

Cyber breaches hit SA economy

by SAVIOUS KWINIKA JOHANNESBURG, (CAJ News) - SOUTH Africa's growing number of data breaches could be costing the economy as much as R141.96 billion a year – equivalent to around 1.81% of the country's gross domestic product (GDP) – according to new analysis by managed ICT services provider Cube ICT Solutions. The company based its