South Africa loses 1 billion private data to hackers - Study

While South Africa is relatively young in terms of the country’s exposure to internet-based crime, cyber crooks were taking a closer look at the local environment. According to a study by tech firm IBM, one billion pieces of personal data were lost in SA in 2014, leading to a cost of R432 256 000.

The study also revealed that cyber thieves have intensified their activities in 2015, already costing local businesses R465 412 000, or an increase of 7.67%.

The IBM Q1 Xforce report and earlier Ponemon Institute reports found that all metrics related to the impact of cyber crime had increased significantly.

According to a report by the Center for Strategic and International Studies (CSIS) early this year, South Africa loses 0.14 per cent of its gross domestic product to cybercrime activities which is about 5.7 billion rand.

“There are strong correlations between national income levels and losses from cybercrime. It is not surprising to find that places with more money are more likely to be robbed if they are no more secure than places with less money,” said the report.