CAPE TOWN – The cyber threat is producing some alarming statistics. A report by Aon found that annual global cyber losses are expected to reach $6 trillion (R88 trillion) by 2021, with cybersecurity spending set to exceed $1 trillion cumulative in the five years leading up to 2021.
The report released on Tuesday stated that organisations were starting to see the significant financial impact of non-compliance with data privacy and the General Data Protection Regulation (GDPR).
The UK Information Commissioner’s Office (ICO) issued a notification of intention to impose a £183 million (R3.3 billion) fine on British Airways in July. The US Federal Trade Commission (FTC) issued a $5 billion civil penalty against Facebook for violations of an earlier FTC order.
Businesses also face financial loss in the form of immediate crisis expenses and lost revenue resulting from an attack stopping the business from trading or disrupting core operations.
Client Manager: Cyber Solutions at Aon South Africa Zamani Ngidi said as organisations grew their footprint they were also essentially increasing the likelihood of a cyber breach and also its impact, as the amalgamation and expansion of information technology infrastructure exposed an organisation to more points of entry.