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A report by U.K.-based think tank Centre for the Study of Financial Innovation and PricewaterhouseCoopers L.L.P. has found that cybercrime is the top concern for South African insurers, reported SABC.
Growing cybercrime is worrying the country's insurance sector. The South African Banking Risk Information Centre shows that Internet fraud and phishing attacks costs South Africans about 2.2 billion South African rand ($157 million) each year.