Cyber insurance 

The average cost of a data breach in South Africa is currently R32 million, a 12% increase since 2016, according to a study done by the IBM Security and Ponemon Institute. 

Globally, the 2017 Symantec Internet Security Threat report cites the most hacked industries as services, finance, insurance, real estate, manufacturing and retail. It is important to note, however, that with an increase in ransomware attacks, which are fairly indiscriminate, that no industry is impervious.

One can, however, safely assume that the industries that spend less on cyber security are more likely to fall victim to attacks.

Despite the increase in attacks, a recent survey conducted by SHA amongst brokers, noted that cyber is not taken seriously.

Authorised Financial Service Provider 13424 

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