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International

Cybercrime cost firms $504 million in 2014, official says

January 23, 2015 Reprints

Cybercrime likely cost the South Africa’s businesses about 5.8 billion rand ($504 million) in 2014, said Candice Sutherland, business development consultant at South African specialist underwriter Stalker Hutchison Admiral (Pty) Ltd.

RISKSA Magazine reported that organizations take 200 days on average to detect an online security breach, said Ms. Sutherland. Businesses and individuals are exposed to risks including system downtime and unavailability, loss of data and costs associated with reducing the impact of a breach, among others, added Ms. Sutherland.

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Cybercrime cost firms $504 million in 2014, official says

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