More than three-fifths of small and medium enterprises (SMEs) surveyed and a third of larger organisations in South Africa surveyed believe the Protection of Personal Information Act (POPI) does not apply to their business raising concerns that there is a gap in basic information security knowledge across the country, a leading information security company said today as it launched the first South Africa State of the Industry – Information Security report.
The survey, conducted by research body Ipsos on behalf of Shred-it, highlighted a lack of awareness among SMEs and C-Suite organisations about the legal requirements around storing and disposing of confidential data outlined in the POPI Act partially enacted on 11 April 2014.
According to the findings, C-Suite Executives (70%) are more likely than SMEs (37%) to understand the implications the POPI Act has on their business. Although the POPI Act is yet to be fully implemented, once it comes into force businesses are given a grace period of just one year to comply. If the Act is not adopted after this time, organisations could face financial penalties of up to R10 million or a prison sentence of up to 10 years could be imposed.
Nearly half (46%) of C-Suite Executives and one-third (32%) of SMEs say the POPI Act will put pressure on their organisation to change their policies related to information security. Despite this, one-third (32%) of SMEs say they currently have no protocol for storing and disposing of confidential data. By contrast, C-Suites Executives are more likely to have policies in place with over half (57%) saying they have a protocol that is strictly adhered to by all employees. However, a further third (37%) with a policy in place admit that not all employees are aware of these protocols. This highlights a worrying gap in knowledge for employees resulting in personal information potentially being compromised as they are unaware of how to correctly protect, process and securely dispose of data.
Businesses can increase security by implementing a Clean Desk policy, which means all information must be secured, for example in a locked drawer, when an employee is away from their desk, and a Shred-it All policy, which means that all office paperwork is destroyed before being recycled so that employees do not need to make a decision as to what is or is not confidential. Some companies have already responded to these security risks, with 80% of C-suites and 64% of SMEs stating that they have a Clean Desk policy in the workplace.
Commenting on the findings, Tom Bell, Regional Manager, Shred-it South Africa, said, “Understanding the legislative environment is crucial for businesses in South Africa to ensure they are implementing best practices to safeguard the confidential information of their customers, employees and partners. However, our Security Tracker results show that organisations are not prioritising this, nor are they putting policies in place to help employees understand how to securely store and dispose of sensitive data. By neglecting to put policies in place, businesses are at serious risk of a data breach, which causes significant legal, financial and reputational harm.”
The Security Tracker results also indicate a need for Government to take action and help South African businesses to understand their information security priorities. Both C-Suite (47%) and SMEs (55%) say the South African Government’s commitment to information security needs improvement.
Other Key Findings from the Security Tracker:
- Almost all C-Suites Executives (89%) and almost three-quarters of SMEs (73%) questioned say they have employees using flexible/off-site working models. Despite this, only 53% of C-Suite Executives have a policy in place for disposing of and storing confidential information both off-site and at home, while this is lower for SMEs (32%), therefore highlighting a policy gap and potential data breach risk for businesses.
- Just half of C-Suite Executives (55%) and SMEs (51%) say client/customer information would threaten the stability of their organisation in the event it was stolen, which is concerning as this information is often confidential and the loss of this data could cause significant legal, financial and reputational damage. Likewise, only 37% of C-Suite Executives and 22% of SMEs note that the theft of HR/Employee information would be damaging, despite the fact that this often contains highly sensitive personal information about individuals, highlighting a lack of knowledge from South African businesses around what information could put them at risk.
These results clearly show that many businesses in South Africa are struggling with information security putting confidential information at risk. Organisations, in particular SMEs, need to recognise that they may need to turn to experts for counsel, whether that’s Government bodies responsible for information security or an information destruction service provider.
A Conversation With Yourself Could Change Your Life
Thami Buti is a 24-year-old South African actor. He is amongst the 46% of South Africans between 20 and 50 years, who have no savings at all. He’s probably one of 90% of people who will retire with less than 50% of their income.
Except none of this is true for Thami, because he’s had a conversation with himself – at six different ages – in Sanlam’s new educational campaign.
In Sanlam’s Conversations with Yourself campaign, Thami gets transformed into a 20, 30, 50, 65 and 80-year-old (actor Hlumelo Mzimkulu plays the 10-year-old) called YOU. And over a series of conversations, these characters in their different age brackets sit and share wisdom on life’s ‘what ifs.’ Disrupting the traditional approach to ‘finance talk’, the central idea is this: what if you could learn everything you need to know about life, from yourself? What if 65 year-old you could tell you – at age 20 – to stop buying so many cappuccinos and to invest more into an RA? And 30-year-old you could ask you at 80 how many kids you have – and how you afford to give them the lifestyle and opportunities you want for them?
Sonja Sanders, Head of Marketing and Client Experience at Sanlam Personal Finance, says each of the seven Conversations with Yourself films uses humour and insight to broach a different topic – and presents the accompanying product solve. “For example, the Conversation on Life and Retirement tackles retirement in a completely new way. Planning for retirement is often not a priority when you’re young. But what if you knew only 6% of South Africans are able to cover their monthly expenses once they retire? And what if you could ask your 65-year-old self whether you are one of the 6%? Would 20-year-old you still take that year off? Would you at age 30 still buy that flashy car?”
Using banter to bring home the fact that today’s decisions will define life when you’re older, the script takes a notoriously low-interest topic and makes it relatable.
The same goes for the highly sensitive topic of death, which no one wants to talk about — undoubtedly a problem in a country with an average age of death that stands at 64 years, and where 40% of the workforce is more likely to have cell phone insurance than life insurance.
Sanders says, “Conversations with Yourself takes an idea we’ve all had to the next level: The wish to fast-track into the future to see if our lives worked out the way we expected. Ultimately, you are your own partner in life. Everything you do now either benefits your future or jeopardises it. It’s often too daunting to imagine one’s future-self. But Conversations with Yourself connects the future to the present, and makes the experience real and impactful.”
Related: How To Start Saving Money Today
South Africa’s problematic savings culture has been well documented. In the retirement space, Sanlam’s Benchmark research has identified millennials as the generation most at risk of having insufficient savings, mainly due to their DIY approach to money matters, their mistrust of financial service institutions and the fact that they don’t identify with retirement as a goal. It’s a generation known for overconfidence despite their poor financial literacy. Millennials prefer self-directed advice – so what better way to deliver it than through a ‘conversation with yourself’?
“As WealthsmithsTM, Sanlam wants to empower people with the knowledge and tools to enable them to make positive financial decisions today. This should set them up for success both now and into the future. Conversations with Yourself helps people to appreciate that the planning they do today has significant implications for their future self. Ultimately, the campaign uses progressive storytelling to share a story to which any generation can relate. The story of you,” concludes Sanders.
Visit Conversationswithyourself to watch the films and start your own conversation.
10X-e Partners With Alphacode To Accelerate Five Top Companies In South Africa
South African Scale Up specialists, 10X-e, will partner with SA’s premier fintech incubator subsidiary of RMI, Alphacode to support SA’s top Fintech’s on their path to scale.
This collaboration will initially see five of SA’s highest-profile fintech companies investing two years scaling up using 10X-e’s much lauded 10X program. 10X-e’s founder, Jason Goldberg, says that this accelerator program helps scale-up teams learn and apply the 12 disciplines for rapid and sustainable growth.
“We are delighted to be working with AlphaCode – SA’s premier fintech support brand – to help some of SA’s top Fintech entrepreneurs scale-up” says Jason.
The first five elite fintech businesses selected to join the program are Entersekt, Livestock Wealth, Click2Sure, Invoice Worx and Isazi Consulting.
“Globally leading mobile authentication and security specialists, Entersekt are set to be South Africa’s next ‘unicorn’ while Livestock Wealth is changing the investment landscape by offering the ability to own and manage your livestock via an app from Sandton (or anywhere), outsourcing all the dirty work to their specialist operators. Click2Sure was founded by Dan Guasco – the original founder of what became Groupon SA, and Isazi Consulting (who started already in late 2017)is led by one of SA’s leading teams of data scientists and artificial intelligence experts” Jason continues.
“Another accolade for this cohort is that three of the five businesses are majority black-owned tech ventures, and most certainly earned their place on the program on pure merit terms. We’re really proud to be supporting these globally competitive entrepreneurs.”
Jason notes that, even for elite entrepreneurs and ventures like these, specialist scale-up accelerators like the 10X Program can be the difference between scaling and failing.
“There’s no doubt that accelerators specialising in how to scale a business are invaluable for most entrepreneurs at this delicate stage in a business journey. Growth often kills when businesses cross a threshold of complexity not experienced before. Most great entrepreneurs are scaling a company for the first time. Fortunately, there is a defined ‘physics’ of rapid growth; rightly applying the 12 Disciplines of 10X Entrepreneurs – the heart of the 10X Program – you can dramatically increase the rate and sustainability of growth,” he says.
“We are dealing with the ‘crème de la crème’ of South Africa’s entrepreneurs dealing with the most extreme growing pains, so the need for guidance from seasoned Scale Up leaders who’ve ‘been there’ is key to both the success of the business and to its contribution to our economy. We look forward to helping these Founders navigate the Bermuda Triangle of growth successfully” Jason concludes.
The partnership with Alphacode will see game-changing support provided to these businesses worth around R1million over a period of 2 years as they are hand-held by industry experts on the treacherous path to scale.
Scaling – the Bermuda triangle of growth – is hard, and fraught with failure. Very few of even the top 1% of ventures succeed at scaling, mostly due to poor execution, due to lack of experience scaling businesses. The 10X Program brings the ‘Science of Scale’ and seasoned Scale Up Leaders to help founders navigate the Bermuda Triangle of growth
Our team has helped some of the Continent’s most exciting high growth businesses scale up through the most treacherous parts of the journey. We tailor make multiple workshops to the specific needs of you, your team, and your business. Our workshops serve to address the most pressing challenges that your business faces, helping remove the hurdles towards 10X growth.
For more information on the 10X Accelerator Program, visit: www.10x-e.com
Chairman Of Futureproof, S’onqoba Maseko On Instilling New Ways To Accelerate Our Youths
In the near future, traditional employment opportunities will no longer exist. SA needs to prepare our children for the fourth industrial revolution, now.
Futureproof is proud to introduce the chairman of our board, S’onqoba Maseko. S’onqoba received her Honours Degree from Wits University and is just three exams away from being a fully-qualified Actuary. The 31-year-old S’onqoba, originally from the banking industry, has previously filled several key roles at The First Rand Group, including; executive assistant to the Group CEO, Sizwe Nxasana and the head of the FNB Innovators Programme.
She is the founding COO of the Sifiso Education Group – a disruptor in the education space which also is the owner of Future Nation Schools. S’onqoba is also the Managing Director of an advisory and implementation consultancy for SMME’s called Perpetu8.
Naturally, combining her skills and experience with a passion for education and entrepreneurship has made her the perfect fit for Futureproof! S’onqoba believes that education is crucial. “It’s a game changer for the nation, the continent and the globe. It requires us to prepare children for an uncertain future in the best way we know how,”
“In a country such as ours, Futureproof instils the entrepreneurial qualities needed to not only run a business but to navigate through life,” S’onqoba continues.
The current education system does not cater to the needs of our local and global economy. In the time of innovation, our teachers are not equipped to deal with this change and soon enough, traditional employment opportunities will no longer exist. Speaking to this topic, S’onqoba says: “It’s not about only content – you can Google anything. It’s about skills such as critical and analytical thinking, creativity, communication, collaboration and technology”.
With the lack of skills available to prepare our country for the fourth industrial revolution, S’onqoba says that we need to find ways to unearth existing skills and to impart new skills that are more aligned to what industry and the country needs. “We need to reframe our thinking: we need entrepreneurs, technical specialists, technology whizz kids. We need creatives, thinkers and solution-orientated problem solvers”.
“We need to make school content and theory relevant to the current and future world. We need a curriculum, approach and a pool of skills that align to the world and the future predicted. Grade 1 learners this year will finish school in 2030. Are we teaching them what they will need to succeed?”
She believes that the high unemployment rate of our youth is largely due to a lack of skills. “We have so many job vacancies yet so much unemployment. We still have companies wich only recruit based on formal qualifications and see this as the only way to have the required skills. This is outdated, and the world is moving beyond it”.
With South Africa now in technical recession, S’onqoba stresses the need for the country to pull up its boot straps and get on with the hard work that needs to be done. “Our entrepreneurial ecosystem is not working as well as it should. It’s broken. We’re spending billions as a country whilst seeing very little impact and return of that investment”.
Caring for the needs of all stakeholders, S’onqoba believes that one of the reasons for Futureproof’s success and phenomenal growth is because the business simply ‘gets on with it’. “No excuses, no time wasting” she explains.
As a flourishing entrepreneur in a tough economy, S’onqoba shares some of her key learnings and says that an entrepreneur cannot survive without grit, curiosity and EQ: “Set up a business for scale from day one – think of your end state and build your business with that in mind. Recruit people who ‘get it’ and then develop them to be the best version of themselves so that they can add great value to your business,”
“Fill your board with passionate, skilled specialists who don’t only look to monetary income but are driven by passion, community and purpose. Manage your time like its money; in fact, it’s more precious”.
We need to build sustainable businesses that employ more people and grow in revenue and turnover. “We need businesses that embrace the future and technology to solve the problems we face in an efficient and customer centered way without legacy and an inability to innovate standing in the way.” she concludes.
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