12 Aug IBM report reveals the cost of data breaches in South Africa

IBM’s annual Cost of a Data Breach Report revealed that the average cost of a data breach in South Africa reached R53.10 million in 2024.

This significant cost increase is due to the growing disruption caused by breaches and the demands on cyber teams.

Globally, 70 per cent of breached organisations reported that the breach caused significant or very significant disruption. The increase in costs worldwide is primarily attributed to lost business, as well as post-breach customer and third-party response expenses.

The disruptive effects of data breaches not only drive up costs but also prolong the aftermath of a breach. Recovery took more than 100 days for the majority of the small number (12 per cent) of breached organisations that were able to fully recover.

The 2024 Cost of a Data Breach Report is based on an in-depth analysis of real-world data breaches experienced by 604 organisations globally between March 2023 and February 2024.

The research, conducted by the Ponemon Institute and sponsored and analysed by IBM, has been published for 19 consecutive years and has become an industry benchmark.

Ria Pinto, General Manager and Technology Leader at IBM South Africa emphasised the urgent need for robust cybersecurity measures in South African organisations.

She highlighted the exponential growth of cyber threats and data breaches and stressed the crucial role of AI-driven security solutions in safeguarding national digital infrastructure.

Pinto mentioned that AI-driven security solutions can efficiently support the detection and mitigation of risks, fortify the defences of organizations, and empower them to navigate the evolving cyber landscape securely and confidently.