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According to a report published Jan 16th, 2018 by the Allianz Global Corporate & Specialty (AGCS) dubbed the Allianz Risk Barometer 2018. The report cites the top threats facing businesses in South Africa, as listed by the business owners themselves. They are as follows:

Threat Percentage
1. Cyber attack 38%
2. Business Interruption (BI) 34%
3. Changes in Legislation & Regulations 29%
4. Market Development and Natural catastrophe 23%
6. Fire, explosion, and new technologies 19%
8. Climate Change and loss of Business Reputation (Brand value damage) 16%
10. Macroeconomic development 13%

South Africa is reported to have the third highest number of cybercrime victims worldwide, losing billions of Rands a year to cyber attacks and experiencing more cyber attacks that its African counterparts,” said Nobuhle Nkosi, a Cyber Insurance Expert at AGCS Africa.

Although cyber awareness has significantly increased, particularly among small and medium-sized businesses, it is more challenging for these enterprises to tackle this issue compared to larger corporations.”

There is, however, some good news from the Allianz Risk Barometer report, more people are becoming cyber threat aware by the day. From small to medium-sized businesses to large corporations.

Businesses in South Africa are deeply concerned about the impact of business interruption, which could result from traditional exposures, such as fire, natural disasters, and supply chain disruption, to new triggers stemming from digitalization and interconnectedness that typically come without physical damage, with with huge financial loss,” said Thusang Mahlangu, CEO of AGCS Africa.

Breakdown of core IT systems, terrorism, or political violence events, product quality incidents or an unexpected regulatory change can bring businesses to a temporary or prolonged standstill with a devastating effect on revenues.”

His counterpart, Nobuhle Nkosi, a Cyber Insurance Expert at AGCS Africa added: “South Africa is reported to have the third highest number of cybercrime victims worldwide, losing billions of Rands a year to cyber attacks and experiencing more cyber attacks than its African counterparts. Although, cyber awareness has significantly increased, particularly among small and medium sized businesses, it is more challenging for these enterprises to tackle this issue compared to larger corporations.”

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