Vodacom Business has released the Cybersecurity as an imperative for growth report, in partnership with Omdia, offering insights into the state of cybersecurity in South Africa, the importance of security frameworks in digital resilience and the latest methods adopted by cyber attackers.
Joined by industry stakeholders and cybersecurity experts, Vodacom Business presents key findings in the report, highlighting that, in an era when digital transformation is accelerating, the importance of robust cybersecurity measures cannot be overstated.
The report reveals that 80% of South African businesses have experienced a cyberattack in the past year with only 32% prioritising cybersecurity training for employees.
The cost of these attacks on businesses in South Africa has reached R2,2 billion annually, according to the South African Banking Risk Information Centre and the Council for Scientific and Industrial Research.
“Just as the cloud, IoT technologies and mobile networks have empowered businesses, cybersecurity needs to be seen as an important enabler for growth. Our report provides vital information on why businesses need to prioritise cybersecurity. It serves as an essential resource for organisations and decision-makers looking to understand cybersecurity risks and implement effective strategies to protect their assets and data,” says Videsha Proothveerajh, Director of Vodacom Business.
The report examines various aspects of cybersecurity including the most prevalent types of cyber threats such as ransomware, which remains the most severe threat facing organisations today. Just over a third (36%) of companies are confident they can prevent a ransomware attack without significant operational disruption. Omdia’s 2024 cybersecurity decision-maker survey found, for 41% of organisations globally, ransomware is among the top three security challenges. For businesses that operate in the public, health and finance sectors, ransomware attacks are some of the most prevalent.
Set against the backdrop of rising ransomware, AI-powered cyberattacks and lack of cybersecurity professionals in South Africa and across the globe, there is a lot of pressure on organisations to secure their infrastructure and daily operations. Cybersecurity tops the list of IT priorities in 42% of global organisations, including South Africa.
“By prioritising cybersecurity, businesses can protect their reputation, maintain customer trust and ensure operational continuity. Vodacom Business is committed to supporting businesses in their cybersecurity journey, equipping them with the tools and knowledge they need to safeguard their operations. We recognise that the question isn’t whether an attack will happen but when. Turning to a digital solutions provider that understands the ins and outs of your operations is key to building a security posture that can mitigate risk from the factory floor to the C-suite,” says Proothveerajh.
For comprehensive insights and strategies to enhance your cybersecurity measures, download the full report here.
