In 2017, the average total organisational cost of data breaches in South Africa was R32.36-million. The average per capita cost was R1 632 ZAR.
These are the major takeaways from the 2017 Cost of Data Breach Study: South Africa, the second annual research conducted by IBM Security and Ponemon Institute.
The 2017 study examines the costs incurred by 21 South African organisations from nine different industry sectors, following the loss or theft of protected personal data and the notification of breach victims as required by various laws.
An increase of 12% in the total cost of data breach was recorded compared to the previous year, while the cost per lost or stolen data record went up by 5%.
The report identified the most common root causes of data breaches in South Africa, and pointed to trends in practices to reduce the risk and consequences of a data breach.