Tag: data theft

As a business traveller, you carry more than just your laptop and a positive attitude. Between your tech, your corporate credit cards, and that nice watch you wear to impress clients, you could be toting around R50,000 to R200,000 in value. That's quite the tempting target for those with less-than-honest intentions.

These are times of unprecedented change and disruption. New technological innovations and geopolitical events are just two of the major catalysts of change in the landscape of risk. In times of volatility, businesses are often faced with increased risk exposure, with opportunistic cybercriminals at the ready to exploit vulnerabilities and take advantage of loopholes.

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.

Ransomware attacks have dominated the headlines over the last two years and will continue to control the cybersecurity agenda going into 2023. While ransomware gangs continue to be successful in extorting money from businesses, those that do pay demands are financing the ransomware industry and further crime.

Under Protection of Personal Information Act (POPIA), service providers will have to obtain a SOC 2 report to demonstrate to their clients that they are enforcing proper security and data privacy practices. Over 80% of private, SMME and large companies plan to revise their operations in the next few years.

The processing of personal data has become increasingly valuable and lucrative for businesses. It offers opportunities for economic growth, social advancement, and research. However, it can also pose risks to the rights of individuals, their basic human rights.

In the recent months, cyber attacks have risen to become one of the biggest threats to the digital health of corporations – with even the most heavily protected businesses becoming vulnerable to data theft.  According to research by Kaspersky, Africa has faced ‘millions of cyber attacks’ in 2020.

Being nimble and awake to the rapid changes occurring to bank fraud will be essential. History tells us that things like natural disasters, times of economic instability, and fears of recession or unemployment provide the perfect environment for increased fraud and financial crime.

Digital and mobile technology is continually evolving and advancing, creating new ways to pay; from mobile wallets to peer-to-peer to digital currency, the modern payments landscape has evolved past simply cards and cash. Consumers, eager to adopt these new ways to pay, are changing their purchasing habits to meet these emerging methods.

Renowned French philosopher, Paul Virilio once said; “When you invent the ship, you also invent the shipwreck.” How inevitable is this in technology today? Security professionals are having to work hard at putting in measures, best practices, mapping systems, lighthouses and beacons in order to reap the benefits of new innovations, all while managing potentially catastrophic risks.