A 2019 IBM study put the average total cost of a data breach in SA at R43.3m.
If your business is hacked and you don’t have the correct procedures and safeguards in place, you could get fined by the regulator.“Adding an extra layer of complexity is SA’s Protection of Personal Information Act, which fundamentally changed the way businesses deal with consumers’ personal information. If your business is hacked and you don’t have the correct procedures and safeguards in place, you could get fined by the regulator,” said Fourie.
While cyber security insurance is becoming increasingly common among local businesses, that is only one element of the precautions every company should be taking.
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