Alert Africa | Cybercriminals Steal R400m from SA Industries

Cybercriminals Steal R400m from SA Industries

Cybercriminals Steal R400m from SA Industries

Posted by Msizi in Cybercrime

According to a study by IBM, one billion pieces of personal data were lost in 2014, with cyber thieves increasing the severity of their attacks in 2015. Last year the losses amounted to R432 256 000, this year, with only 7 months gone, losses have already amounted to R465 412 000. Thus an increase of 7.67% of losses for the year.


The study also found that the health and education industries are the most at risk in terms of data loss. Data loss in the health industry amounted to R4 506.34 per incident, while education amounted to R3 723.24. Next is pharmaceuticals, finance and communications.


The problem starts at the fact that we as individuals trust that there is sufficient security in place to protect the consumer. “Without handing over our identity to a total stranger we cannot transact. The very legislation that was designed to protect us is actually exposing us to the threat of identity theft,” Independent Identity Verification expert Dawid Jacobs.


A security conscious culture, where one constantly thinks about possible risks they might face and they act to avoid those risks, could go a long way to preventing cyber breaches. This involves educating every employee about how to identify risks and how to avoid them. One mistake by an employee can compromise the entire system of the organisation.


05 Aug 2015 no comments

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