Abstract
Cyber risk management is crucial in today's interconnected digital environment, especially as South Africa, a leading African digital economy, faces growing cybercrime threats driven by sophisticated technologies like AI and deepfakes. The country’s experience regarding cyber threats reflects a broader African cybersecurity challenge. Cyber risk cannot be viewed in isolation. The cyber realm and associated risks are rapidly evolving, and this evolution affects all participants in the cyber realm globally. This study examines the evolving nature of cyber risks with emphasis on South Africa's position where the risk types are concerned and the applicable cybersecurity frameworks and legislation in terms of their design, adequacy and effectiveness to mitigate risks in the present. The study also assesses the country's preparedness to address future challenges in this dynamic cyber landscape. This study finds that the legislation adopted by South Africa is inadequately designed to mitigate against current and possible future cyber risks. There is a lack of sufficient transparency into the prosecuted cases in the country. Furthermore, reporting of incidents from both the private and public sectors is a major concern. Lastly education at grassroots and lack of continuous training and development on cyber risk at all levels of society is a major concern. The findings of this study reveal that the cyber landscape can be improved by regularly reviewing applicable legislation and making sure it aligns to international best practice, use established frameworks, comply with relevant laws, conduct continuous training and development, and implement various cybersecurity controls.