Tag: cybercrime

Although cryptocurrencies are on an upward trajectory in South Africa, a cryptocurrency wallet is worthless without its key or password. That was the reality for a 24-year-old Bitcoin-holder in 2021, who, after mining 20 Bitcoin for more than ten years when the cryptocurrency was still only worth a few cents, lost his wallet key and access to around R14.18 million in Bitcoin.

More than half of South African businesses were impacted by ransomware in 2022, according to a CSIR report on cybersecurity. If businesses don't implement adequate cybersecurity strategies, this percentage will increase as the country's reliance on digital technologies and the number of associated threats expand.

In previous years, insurance advisers may have been seen as the ‘middleman’. Often, they were regarded as a form of salesman, primarily selling clients insurance policies on their properties and possessions, as well as assisting them with the claims process.

During its formative years, blockchain technology became synonymous with the advent of cryptocurrency. Today, its use cases have transcended the world of finance, expanding into sectors such as retail. In Africa, its application in payment technology has demonstrated blockchain’s ability to revolutionise several touchpoints from supply chain to final sale.

Storing data in the cloud is generally smart, and many organisations are already doing so, often without realising it. Enormous amounts of information reside in cloud-powered services such as Office365, Google Workspace, Dropbox, OneDrive, Slack and so on. If a business uses some type of Software-as-a-Service product, some of its data is already in cloud storage.

There’s no doubt that the rise of our digital landscape has resulted in some incredible tools for businesses. These have opened global marketplaces to even small enterprises and made actionable data analysis more accessible. Artificial Intelligence (AI) and machine learning software continue to improve data integrity and efficiency.

Safeguarding your data is a business imperative. Regardless of size or industry, confidentiality is vital for maintaining the trust and positive public standing your organisation has earned. But, in an increasingly regulated and privacy-conscious world, the concerns around a misstep are not limited to your business’ reputation alone – between fines from data protection bodies and potential settlement fees, the fiscal impact of a data leak can be enormous

The rise in finance and accounting cybercrime through phishing and Business Email Compromise (BEC) has made headlines with massive implications for South African companies with gaps in their payment systems. However, robust financial controls together with strong server, IT, and email monitoring processes aren’t enough if staff aren’t savvy to the psychological tricks scammers use to manipulate people, making them more vulnerable to tricker and deception.

Utility providers are traditionally an attractive target for cybercriminals, evident by the number of high-profile attacks, both globally and locally, in recent years. In fact, the ransomware supply chain attack on the Colonial Pipeline in 2021 became the largest attack in US history, with the payment of a $4.4 million ransom.

As organisations across the globe contend with an increasing number of cyberattacks, schools and higher learning institutions are looking for innovative and cost-effective ways to protect their students, staff, and data from breaches and ransomware.