January 16, 2018 IBOMLLC Team

Cybersecurity tops as the leading concern for Businesses in South Africa

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

According to a report published Jan 16th, 2018 by the Allianz Global Corporate & Specialty (AGCS) dubbed the Allianz Risk Barometer 2018. The report cites the top threats facing businesses in South Africa, as listed by the business owners themselves. They are as follows:

Threat Percentage
1. Cyber attack 38%
2. Business Interruption (BI) 34%
3. Changes in Legislation & Regulations 29%
4. Market Development and Natural catastrophe 23%
6. Fire, explosion, and new technologies 19%
8. Climate Change and loss of Business Reputation (Brand value damage) 16%
10. Macroeconomic development 13%

South Africa is reported to have the third highest number of cybercrime victims worldwide, losing billions of Rands a year to cyber attacks and experiencing more cyber attacks that its African counterparts,” said Nobuhle Nkosi, a Cyber Insurance Expert at AGCS Africa.

Although cyber awareness has significantly increased, particularly among small and medium-sized businesses, it is more challenging for these enterprises to tackle this issue compared to larger corporations.”

There is, however, some good news from the Allianz Risk Barometer …read more

Read more here:: Cybersecurity tops as the leading concern for Businesses in South Africa

      

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