The cost of cyber crime to business

Corien Vermaak is a Cyber Security Specialist at Cisco. Image: Supplied.
JOHANNESBURG – In 2019 it is reported that cyber-crime breaches are up 11% year on year and has increased with over 67% in the last five years according to a study done by Accenture in their Ninth Annual Cost of Cybercrime Global Study. 
Some countries are seeing alarmingly high increase numbers, the US, Germany and China leading the cost of cyber-crime list. 
According to the South African Banking Risk Information Centre (SABRIC), South Africa has seen an increase of over 100% in Mobile banking application fraud alone.