February 25, 2025
In an era of rapid digitalisation, businesses worldwide face an evolving landscape of risks, with cyberattacks ranking as the top global threat for the third consecutive year. According to the Allianz Risk Barometer, cyber risks—including data breaches, ransomware attacks, and infrastructure hacking—are the leading concerns for companies across industries. In South Africa, cyber threats are the second most significant business risk, highlighting the urgent need for organisations to strengthen their security frameworks.
With cybercrime becoming more sophisticated, cyberattacks, breaching data remain the top concern for businesses (59%), followed closely by attacks on critical infrastructure (53%). In 2024, cyberattacks continued to pose significant challenges for organisations worldwide. While specific statistics for the entire year are still being compiled, preliminary reports indicate a persistent and evolving threat landscape. For instance, in the first half of 2024, there were 2,321 reported ransomware attacks globally, a slight increase from the same period in 2023.Additionally, the average ransom demand per cyberattack saw a substantial rise, reaching over $5.2 million in the first half of 2024.This escalation underscores the growing audacity and sophistication of cybercriminals.
Ransomware attacks, which surged by 50% in 2023, continue to pose a major challenge. The increasing use of AI-driven cyberattacks, where generative AI enhances malware and phishing attempts, further exacerbates security vulnerabilities.
Moreover, the shortage of cybersecurity professionals and the reliance of smaller businesses on outsourced IT services have created weak points that cybercriminals exploit. These risks are particularly pronounced in regions like South Africa, where cyber awareness and resilience vary significantly between large corporations and smaller enterprises.
While larger corporations have prioritised cybersecurity investments post-pandemic, many small and mid-sized businesses struggle to allocate the necessary resources to mitigate risks. This resilience gap means that smaller businesses are more likely to suffer long-term disruptions following cyberattacks.
At Ideco Biometrics, we recognise that cybersecurity is not just about protection—it’s about partnerships. As IDEMIA's Premium Certified Solutions Partner in South Africa, we provide cutting-edge biometric security solutions designed to safeguard businesses against identity fraud, unauthorised access, and data breaches.
A single API now unifies all ID verification processes, connecting businesses to internal and external security sources.
This enables organisations to:
✔ Ensure rapid, seamless identity verification
✔Strengthen fraud detection mechanisms
✔Adapt to evolving regulatory requirements
By integrating biometric authentication, access control, and identity proofing, businesses can significantly reduce their exposure to cyber threats while maintaining compliance with local and global security standards.
A data breach is more than just an IT issue—it impacts brand reputation, financial stability, and customer trust. Businesses must shift their mindset from reactive cybersecurity to proactive risk mitigation by investing in advanced security technologies and strategic collaborations.
At Ideco Biometrics, we believe that security is a collective effort. Who you collaborate with matters. By partnering with trusted technology providers and cybersecurity experts, businesses can create a robust defence against cyberattacks.
Users don’t have to go through multiple ID checks – the single API automates the process efficiently. Faster, more secure onboarding. In today’s digital world, businesses need fast, secure, and scalable identity verification. Ideco Biometrics’ single API unifies biometric authentication, document verification, and fraud detection into one seamless system—enhancing security, reducing fraud, and simplifying compliance. Don’t let outdated processes slow you down—streamline your ID verification today.
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At Ideco Biometrics, we recognise that cybersecurity isn’t just about protection—it’s about partnerships. As IDEMIA’s Premium Certified Solutions Partner in South Africa, we provide cutting-edge biometric security to combat identity fraud, unauthorised access, and data breaches. With ransomware and AI-driven attacks surging, businesses—especially smaller ones—must secure their future with the right allies today.
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Fraud and identity theft are on the rise—is your business truly protected? Traditional KYC methods leave gaps, but Ideco eKYC closes them with real-time biometric verification. Stay compliant, prevent fraud, and streamline onboarding with the future of identity management. Discover how eKYC secures your business before it’s too late!
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