A new report by Vodacom Business, Cybersecurity as an Imperative for Growth, highlights the escalating cost of cyberattacks on South African businesses, which now totals R2.2 billion annually.
Conducted in collaboration with Omdia, the report underscores the urgent need for robust cybersecurity measures as digital transformation accelerates across industries.
During a networking event in Lusaka, Vodacom Business presented the report’s findings, noting that 80% of South African companies experienced a cyberattack in the past year.
Alarmingly, only 32% of these businesses prioritize cybersecurity training for their employees, leaving them vulnerable to increasingly sophisticated threats.
The report sheds light on the most prevalent cyber threats facing South African businesses, with ransomware emerging as the most significant concern. Just 36% of organizations expressed confidence in their ability to mitigate a ransomware attack without severe operational disruption.
Globally, ransomware ranks among the top three security challenges for 41% of companies, particularly in the public, healthcare, and financial sectors.
“With the rise of cloud computing, IoT technologies, and mobile networks, cybersecurity must be viewed as a critical enabler for growth,” said Videsha Proothveerajh, Director of Vodacom Business. “Our report is a vital resource for decision-makers looking to understand these risks and implement effective strategies to protect their assets and data.”
South Africa, like many other regions, faces a shortage of cybersecurity professionals, which adds pressure on businesses to secure their digital infrastructure.
According to the report, 42% of global organizations, including those in South Africa, now rank cybersecurity as their top IT priority.
“By prioritizing cybersecurity, businesses can safeguard their reputation, maintain customer trust, and ensure operational continuity,” Proothveerajh added. “The question is no longer if an attack will happen, but when. Partnering with a digital solutions provider that understands your operations is essential for building a security posture that can mitigate risks—from the factory floor to the C-suite.