Trend Micro Incorporated, a global cybersecurity leader, has released new research revealing that while global organizations plan to increase cybersecurity budgets in 2023, 90 percent of African companies have neglected to put cybersecurity protocols in place.
According to the global cybersecurity firm, inadequate cybersecurity measures are placing an enormous cost on businesses in South Africa: in Kenya, this stands at $36million; while figures in Nigeria and South Africa stand at $500million and $570million respectively.
Zaheer Ebrahim, MEA at Trend Micro says that “Organisations would do well to reconsider the importance of cybersecurity, especially if they want to optimise their investments in this area. Cybersecurity isn’t just about keeping data and other related resources safe.
“It has a clear impact on winning new business and recruiting top talent. With this in mind, it is vital that we change perceptions around cybersecurity, especially amongst corporate leaders.”
Trend Micro’s research shows that these costs affect various areas. A fifth (19 per cent) of the global Business Decision Makers (BDMs) surveyed in the company’s research admitted that a lack of security measures impacted their ability to win new business, while 81 per cent worry that it will do so in future.
