In an increasingly digitised economy, South African businesses are fighting a silent war waged not in boardrooms or on factory floors, but across networks, servers and smartphones. Cybercrime has evolved into a strategic threat, and it’s no longer something that happens to other companies in distant markets. It’s here in South Africa, and it’s hitting businesses hard.
While we continue to champion digital transformation across sectors, we must also confront the growing vulnerability that comes with hyperconnectivity. What used to be the domain of spam e-mails and stolen credit card details has evolved into a complex web of sabotage, ransomware, data breaches, identity theft, SIM swaps and corporate espionage.
South Africa is now one of the most targeted countries for cybercrime on the African continent. According to Interpol’s 2024 Cybercrime Trend Report, phishing, ransomware, business e-mail compromise (BEC) and data breaches are the most prevalent and damaging threats. These attacks are becoming increasingly sophisticated, often bypassing traditional firewalls and basic security systems.
This past week the threat struck painfully close to home. A business partner and entrepreneur running a reputable consulting firm fell victim to a targeted cyberattack. A SIM swap gave criminals access to her phone, after which they took out multiple loans in her name from six different financial institutions. The resulting financial and emotional toll has been staggering, and to make matters worse, the process of proving fraud and reversing the damage is slow and bureaucratic.
Unfortunately, this isn’t an isolated incident but part of a much larger pattern. Small and medium-sized enterprises (SMEs), which form the backbone of our economy, are particularly vulnerable because most don’t have the budget or technical expertise to implement and maintain advanced cybersecurity measures. This makes them easy pickings for cybercriminals, and the fallout can be severe, including loss of income, reputational damage, operational disruption, and, in some cases, total business collapse.
Cybersecurity must sit at the same table as infrastructure investment and skills development in our national digital strategy
Cybersecurity must sit at the same table as infrastructure investment and skills development in our national digital strategy.
Despite urgent calls for greater awareness, many businesses remain dangerously underprepared. A 2024 survey by the South African Banking Risk Information Centre (Sabric) found that fewer than 40% of SMEs had updated cybersecurity protocols. Even more concerning, less than 20% had tested their incident response plans in the past year.
Cybercrime is not a technical issue but a business survival issue, and it should never be viewed as a grudge expense. Instead, it’s an investment in long-term sustainability, resilience, and reputation.
Moreover, the implications of cybercrime extend far beyond balance sheets. As South Africa accelerates towards a digitally inclusive economy, the gap between those who can afford protection and those who can’t is growing. If only the best-resourced businesses are able to survive online, we risk entrenching inequality, stifling entrepreneurship and excluding millions from the digital economy.
It's time to shift from a reactive mindset to a culture of proactive cyber resilience. Building cybersecurity into the DNA of every business, from start-ups to state-owned enterprises, needs to be a top priority. Businesses, no matter how big or small, need prioritise cyber-awareness training for their employees, implement layered security systems and have clear response protocols in place. Business owners and staff alike must learn how to spot phishing attempts, use secure passwords, and report suspicious activity before it’s too late.
But this isn’t a burden business must carry alone. As a country, we need stronger public-private collaboration, better cybercrime legislation enforcement and greater support for SMEs navigating this complex space. Cybersecurity must sit at the same table as infrastructure investment and skills development in our national digital strategy.
When it comes to cybersecurity, the cost of doing nothing is far greater than the cost of prevention. The question is no longer if your business will be targeted but when. And when that time comes, preparation is the only real defence.
• Mtwentwe AGA(SA) is MD of Vantage Advisory and host of the SAICA Biz Impact Podcast
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.