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country's data breaches is cons uh
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costing us billions according to alens
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commercials annual cyber risk Outlook
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report South Africa ranks 14th globally
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in the average cost of a data breach now
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large cyber insurance claims Rose by 14%
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in uh frequency and 177% in severity in
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the first half of this year to unpack
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the findings of the report in more
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detail we're joined Now by Muk Masa
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at Alan commercial thank you so much for
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your time welcome to the South African
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morning uh now what's the financial
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impact of data breaches uh within South
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Africa so I was asking about what the
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cost is of data breaches in South Africa
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what's what's the financial impact if
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me I can hear you now m a very good
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morning to you and to all the viewers um
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the financial impact maso of daa beaches
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within South Africa is quite substantial
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um we see it affecting both individual
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companies and the broader economy um if
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you would have looked at our report you
1:13
would have seen that we note that the
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average cost of a daa breach in South
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Africa has now reached $2.7 million um
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and this is quite a substantial figure
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and I mean while there are several
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factors that contribute to the figure
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such as business interruption regulatory
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finds and the likes um $2.7 million is
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by any measure an alarming figure which
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speaks to the growing severity of cyber
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incidents in the country now the country
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is also ranked 14th around the world and
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it's the top African country with the uh
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most costly data breaches what could
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have brought us to this point
