SA had the most cyber attacks in Africa one year, but its private and public sector do not take the threat "seriously enough", says a top law firm.
Dentons SA’s David Loxton said on Monday that cyber crime often went unreported and research found it was growing fast.
Quoting figures from software security company Symantec, he said that globally in 2015 more than 500-million personal records were stolen or lost and phishing attacks rose 55%.
In 2014, South Africa had the most cyber attacks in Africa with losses estimated at about R50bn.
There were "shortcomings in the justice system" when it came cyber crime and police "lack resources and specialist skills to take on the complex‚ multijurisdictional investigations".
Loxton pointed to lack of laws to prosecute criminals or inadequate law. "For all these reasons‚ prevention is definitely better than cure when it comes to cyber crime.
"Companies should be proactive about using technology to protect themselves and at least limit any damage." There was intelligent software to analyse all financial transactions as they occur and flag anomalies immediately.
"This kind of software can also provide deep analysis of company data to uncover some of the common white-collar frauds that can cost companies millions over long periods of time.
"The multinationals are definitely investing heavily in protective technologies, but I fear South African companies are not‚ a short-term approach with potentially devastating long-term consequences."
Last October, Deputy Justice and Constitutional Development Minister John Jeffery announced a "review and alignment of cyber security laws" and work being done on cyber crime and cyber security legislation.
At a South African Banking Risk Information Centre event, he said enhancing cyber security and protecting critical information infrastructure were essential to a country’s security and economic wellbeing.
"Cyber crime activities are growing fast and evolving at a pace‚ becoming both more aggressive and technically proficient," he said. "It is a major and growing threat to South African business’’.
TMG Digital
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