Cyber crime will cost the global economy $6 trillion annually by 2021, according to the Cybersecurity Ventures 2017 Annual Cybercrime Report. That kind of value can be difficult to visualise, but it is the combined wealth of every billionaire on earth.

It is more than just a worldwide problem, though. Cyber crime is a phenomenon that many South African businesses have felt the impact of first-hand: the South African Banking Risk Information Centre (Sabric) reports that South Africans lose in excess of R2.2bn to Internet fraud and phishing attacks every year.

This highlights the need to urgently change the way businesses approach cyber security because if companies fail to put in place the necessary security to protect their information, the costs could be astronomical.

As they continue to digitally transform and increasingly make use of cloud-based solutions, businesses must invest in technology that protects them from would-be cybercriminals.

Importantly, businesses should recognise that security is no longer just an IT function. It is a fundamental business process that should be aligned to business objectives. It's therefore essential that cyber security is embedded across the entire business network, its applications and access points to detect, analyse and block suspicious behaviour.