Tag: data loss

In recent months, SABS has faced growing scrutiny. Allegations of maladministration and mismanagement have led to a comprehensive investigation by the Department of Trade, Industry and Competition (DTIC).

The Financial Sector Regulation (FSCA) and the Prudential Authority (PA) published Joint Standard 2 of 2024 on Cybersecurity and Cyber Resilience Requirements on 17 May 2024. The Joint Standard 2 of 2024 (Joint Standard) applies to all financial institutions as defined in the Joint Standard. It sets out the requirements for sound practices and processes relating to cybersecurity and cyber resilience for financial institutions.

Data integrity, security, and availability are vital aspects to consider whether it pertains to personal information, business records, or research data. However, many individuals and organisations often neglect the importance of data maintenance, which can lead to data ‘load shedding’, a term used to describe the loss, corruption, or unavailability of data due to poor data management practices.

Data management has traditionally not been high on the priority list for South African organisations, often seen as an afterthought and a grudge purchase. As the threat of ransomware has grown, this attitude is beginning to change.

Entrepreneurs invest a lot of energy into getting their businesses off the ground and finding ways to differentiate themselves from their competitors. Unfortunately, due to time constraints, few put the same dedicated effort into finding the best insurance solution for their business.

Data protection challenges are undermining organisations’ abilities to execute digital transformation initiatives globally, according to the Data Protection Report 2021, which has found that 58% of backups fail, leaving data unprotected.

Data loss has financial implications, whether as a result of lost productivity or fines due to breaches of regulations like the Protection of Personal Information Act (PoPIA). In an already challenging economy, businesses simply cannot afford to not protect their data.

Have COVID-19 changed world views or will we have forgotten about everything in six months? Before 2020 when you heard the word virus you immediately thought of the damage this could do to your computer. Losing data was the worst outcome you could think of. Until COVID-19 hit, changing the world and the way we think.

In the modern world, data is regarded as the lifeblood of an organisation. Consequently, cyber threats have taught us that a reactive response to a data breach, regardless of the magnitude of the event, is no longer adequate. All data is important, therefore a more modern and innovative approach needs to be adopted to keeping it safe yet available.

South African enterprise is no stranger to the phenomenon of cybercrime. In light of numerous high-profile data breaches, it is evident that digital espionage is on the rise. In fact, the South African Banking Risk Information Centre (Sabric) estimates that South Africans lose R2.2bn to internet fraud and phishing attacks annually.