With Black Friday under way and festive season sales around the corner, law firm Cox Yeats has issued an urgent warning about the escalating threat of cybercrime.

The firm’s Business Rescue, Restructuring, Insolvency and Insurance team reports a dramatic increase in cyberattacks on both individuals and businesses.

“Remain vigilant. Attackers are expected to exploit the surge in online shopping and digital transactions, leveraging fake stores, phishing emails, malicious QR codes, and AI-powered impersonation to steal credentials and payment information,” says Cox Yeats partner, Mongezi Mpahlwa.

“The firm recommends verifying the legitimacy of all communications, using only official channels for transactions, and avoiding transactions on public Wi-Fi; rather use company VPN or mobile data. Any suspicious activity must be reported to the appropriate authorities,” said Mpahlwa.

Data breaches up to 40%

According to the Information Regulator, South Africa reported 2 374 data breaches between April 2024 and March 2025.

The number has worsened this financial year, with 1 947 breaches reported from April 2025 to date – almost 300 notifications per month, representing a 40% spike.

Government departments, healthcare providers, financial institutions, and businesses have fallen victim to ransomware, data theft, and extortion.

Incidents include the theft of 1.6TB of sensitive government data, disruptions to medical services, and the exposure of customer information at major retailers and telecoms providers.

Billions lost to cybercrime

South African consumers lost more than R1-billion in 2023 due to digital banking and mobile app crimes.

The average cost of a data breach for a business now stands at R49-million, and the South African Banking Risk Information Centre (SABRIC) reports annual cyberattack losses of up to R3.3-billion.

Surveys show 70% of South Africans have fallen victim to cybercrime, compared to the global average of 50%.

Ransomware the biggest threat

South Africa is the second-most targeted nation in Africa for ransomware and the third most targeted globally for cyberattacks.

“We urge organisations to take immediate action, and to ensure they are covered for financial loss and liability arising from cyberattacks, data breaches, ransomware, business interruption, and regulatory fines,” said Mpahlwa.

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