Although the frequency of cyber breaches has been well documented, industry experts agree that too many South African companies are underestimating the impact of cyber crime. According to Lloyd’s Risk Index 2013, cyber crime risk is now the world’s number three risk overall.

“If information security and the threat of cyber attacks are not a top-five priority on your executive board checklist, then you’re seriously underestimating a major source of risk to your organisation,” says Natalie van de Coolwijk, MD of CyGeist, an underwriting management agency specialising in cyber insurance.