Trend Micro Incorporated has released new research highlighting that while global organizations are planning to increase cybersecurity budgets in 2023, 90% of African companies have neglected to implement any cybersecurity protocols. The report, titled “Risky Rewards”, showed that inadequate cybersecurity measures are costing businesses in South Africa, with Kenya at $36 million, Nigeria at $500 million and South Africa at $570 million.
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The research shows that the costs affect various areas, with 19% of global Business Decision Makers admitting that a lack of security measures has impacted their ability to win new business. Additionally, 71% of BDMs have admitted that they are being asked about security posture in negotiations with prospects and suppliers, with 78% claiming that these requests for information are increasing in frequency.
Despite prospects and suppliers prioritizing security in negotiations, only 57% of BDMs perceive there to be a strong connection between cybersecurity and client acquisition/satisfaction. Furthermore, talent acquisition is an area where there are clear gaps in BDMs’ understanding of the interconnectivity between cybersecurity and the rest of the business.
