Cyber-crime attacks among smaller and medium-sized companies are on the increase
Cyber-crime is a real and present danger and attacks are becoming increasingly common and more sophisticated, especially among small to medium-sized businesses (SMEs). It is estimated that 32% of South African businesses have experienced cyber-attacks according to the Global Economic Crime Survey (2016) conducted by PWC – on a par with the global average.
Cybersecurity is uniquely challenging for SMEs, due to a combination of the frequency with which these threats become bona fide cybersecurity incidents, the severe business disruption and financial impact, and limited resources to respond and recover in the event of an attack.
Jenny Jooste, Professional Indemnity and Cyber Underwriter at Chubb Insurance South Africa, says: “Our claims data and global research is showing that cyberattacks directed at SMEs are steadily increasing. As a group, SMEs tend to devote inadequate resources, time and funds to cybersecurity with fewer than 3% of all SMEs…
