The Cost of a Data Breach
The latest IBM Security Cost of a Data Breach Report indicates the global average cost of a data breach in 2021 increased by 10% overall. That is the largest percentage increase in the 17-year history of the report. The report notes that in South Africa, the average cost was $3.21 million – the highest in the southern hemisphere.
In a recent cyberattack in South Africa, an amount estimated to have been between R223-million and R225-million was allegedly demanded as ransom. The data breach involved personal information of some 54 million consumers, amounting to roughly 4 terabytes of compromised data.
If it were measured as a country, then cybercrime — which is predicted to inflict damages totalling $6 trillion USD globally in 2021 — would be the world's third-largest economy after the U.S. and China. – Cybersecurity Ventures