Cybercrime is a growing concern for local businesses.
In the Global Economic Crime and Fraud Survey 2018 South Africa published by PwC, 26 percent of respondents said that cybercrime will be the most disruptive economic crime to affect organisations over the next 48 months.
This is bad news for local businesses, especially smaller SMEs.
“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 having cyber insurance,” says Professional Indemnity and Cyber Underwriter at Chubb Insurance South Africa, Jenny Jooste.
Jooste goes on to say that SMEs are a popular target because more often than not, they don’t have the same safeguards larger firms do due to financial constraints.
“Criminals target these companies because their IT controls are not as sophisticated as large corporate companies, and the skills for dealing with these threats are often not specialised, making them perfect targets,” says Jooste.
Cybercriminals have a wide array of tools at their disposal when it comes to committing crimes and as…
