More Than R2 Billion Annually of Cyber Crime in South Africa


In today’s digital world, data breaches and cyber crime have become major concerns for businesses globally. However, South Africa faces an even more pressing issue, with the impact of cyber crime estimated to exceed R2.2 billion annually, according to the CSIR. This staggering figure highlights the urgent need for South African businesses to implement robust security measures and business continuity plans.

The Financial Impact of Cyber Crime

The CSIR’s estimate underscores the severe financial burden of cyber crime on the South African economy. This annual loss reflects not only the direct costs associated with cyber attacks but also the long-term repercussions such as reputational damage, loss of customer trust, and potential regulatory fines. With cyber crime costing businesses over R2 billion each year, it is crucial for companies to proactively address these risks.

Moreover, the average cost of a data breach in South Africa has surged to R53 million in 2023, reflecting a significant increase from previous years. The average cost per compromised record has also risen to R1,500, highlighting the escalating financial burden on businesses.

The Role of Business Continuity Management (BCM)

At Resilient Innovations, we recognise the critical importance of Business Continuity Management (BCM) in mitigating the risks posed by cyber crime. BCM is a proactive approach that encompasses the preparation, response, and recovery processes needed to ensure that business operations can continue with minimal disruption during and after a crisis. By integrating BCM into their core operations, companies can significantly reduce the financial and operational impacts of cyber incidents.

The Key Component of Disaster Recovery as a Service (DRaaS)

A key component of an effective BCM strategy is Disaster Recovery as a Service (DRaaS). With the escalating costs of cyber crime, having a reliable DRaaS solution is more important than ever. At Resilient Innovations, we use Veeam for our DRaaS solutions, ensuring that our clients benefit from innovative backup and recovery technologies. Veeam’s robust platform enables rapid recovery times, minimising downtime and helping businesses resume critical functions swiftly after a cyber attack.

Securing Your Data with Backup as a Service (BaaS)

In the face of rising cyber crime costs, businesses must adopt robust strategies to safeguard their data. Our Backup as a Service (BaaS) offering is designed to provide comprehensive data protection and quick recovery options, which are crucial in today’s high-risk environment.

As Microsoft 365 has become a cornerstone of modern business operations, it’s essential to ensure that your data within these platforms—such as emails, documents, and collaboration tools—are securely backed up. Did you know that 80% of cyber attacks target Office applications like Microsoft Teams, Outlook, OneDrive, and SharePoint? Regular backups of MS 365 data are critical for mitigating the impact of data loss, accidental deletions, or ransomware attacks. Typically, one-third of your data is irretrievable following an attack. This data loss can disrupt operations, impact customer trust, and lead to significant financial losses.

With our BaaS, powered by Veeam, businesses can benefit from:

  • Comprehensive MS 365 Backup: Ensure all your critical MS 365 data is regularly backed up, including Exchange Online, SharePoint Online, Outlook, Teams, OneDrive for Business, and various other applications.
  • Rapid Recovery: Quickly restore individual items or entire datasets, minimising downtime and ensuring business continuity.
  • Advanced Security: Protect your MS 365 backups with encryption and access controls to guard against unauthorized access and data breaches.

Resilient Innovations ensures that your MS 365 data remains secure, recoverable, and protected against a range of cyber threats.

The Importance of a Holistic Approach

While technology is crucial for data protection and recovery, a holistic approach is necessary for comprehensive security. This includes staff training, policy development, and regular testing of disaster recovery plans. Human error is a significant factor in cyber incidents, making ongoing education and awareness programs vital for preventing breaches.

The impact of cyber crime on the South African economy serves as a stark reminder of the evolving cyber threat landscape. Businesses must prioritize their data protection and recovery strategies to safeguard their financial stability and reputation. At Resilient Innovations, we are dedicated to helping our clients navigate these challenges with our comprehensive BCM, DRaaS, and BaaS solutions.

For further details on the economic impact of cyber crime in South Africa, you can read the full ITWeb article here.

To protect your business from the escalating costs of cyber crime, consider implementing our comprehensive Business Continuity & Resilience solutions. Contact us today to secure your data and ensure Business Continuity.