Tag: cybersecurity

Artificial Intelligence (AI) and machine learning algorithms have fast-tracked automation in South Africa’s insurance industry. However, these solutions also introduce unique cybersecurity vulnerabilities. Specifically, adversarial attacks can compromise the accuracy of risk assessments, bypass fraud detection and disrupt claims processing. Without proper digital security in place, this can lead to compliance violations and severely damage the reputation of local insurers.

As industries continue to undergo rapid digital transformation, the question on everyone's mind is, "Will AI take my job?". The answer isn’t as simple as a yes or no. Artificial Intelligence (AI) is changing the job landscape, but rather than replacing humans outright, it’s creating new opportunities. While some traditional tasks may be automated, entirely new roles are emerging that require unique skills in AI, data and digital expertise.

In 2016 Klaus Schwab, Executive Chairman of the World Economic Forum reflected on the intersection of technology and humanity. Schwab expressed concern about how technology like smartphones could affect our compassion and connection with others, possibly depriving us of meaningful engagement.

The financial service industry is no stranger to stringent regulation. Unlike other sectors that have scrambled to comply with legislation such as NIS2, financial service organisations are comparatively pretty diligent when it comes to data resilience and cybersecurity.

The rapid integration and adoption of Artificial Intelligence (AI) across various industries and sectors is transforming the way businesses operate. It is driving efficiency, innovation and cost savings with its prolific progress. AI is reshaping the workplace at an unprecedented pace. It is streamlining administrative tasks and optimising complex processes.

The C-suite has long left data resilience and cybersecurity in the hands of security and IT teams. It has been a case of ‘leave it to the experts’, and for a long time, that made sense. But as organisations have become increasingly dependent on technology and breaches have become a case of ‘when’ rather than ‘if,’ cybersecurity has become a part of everyone’s day-to-day.

South African businesses are rushing to adopt generative AI, attracted by its potential to boost efficiency, productivity and innovation. However, without a solid cybersecurity foundation, AI will act as a Trojan horse, exposing companies to advanced cyber threats.

South Africa’s major banks maintained steady growth in 2024 despite a challenging operating climate and macroeconomic uncertainties. Combined headline earnings grew by 5.9%, reaching R119 billion. This surpassed FY23 results. The combined ROE stood at 17.5% (FY23: 17.6%). The net interest margin was 451 bps (FY23: 459 bps). The credit loss ratio improved to 89 bps (FY23: 102 bps).

In a world where artificial intelligence (AI) is increasingly being weaponised by cybercriminals, the question of whether we can effectively combat AI threats with more AI is not just a technical inquiry, but a pressing global concern. AI-generated cyberattacks, such as deepfake technology and automated hacking attempts, have created a cybersecurity arms race.

Email plays an integral role in daily life, but cybercriminals exploit it as a prime attack channel. Phishing scams involve malicious emails designed to trick recipients into revealing sensitive information. These scams rank among the most prevalent cybersecurity threats.