Will we ever see an end to cyberattacks? Nomthi Nelwamondo, group CIO of AssupolLife responds ~
Cybercrime is continuously expanding, and attackers are constantly ‘improving’ their capabilities to take advantage of limited cybersecurity awareness among businesses.The rise in cyber-attacks is mainly attributed to a combination of cyber criminals continuing to evolve their tools and techniques, as well as the way hacking groups exploit the rise in remote working driven by the Covid-19 pandemic as a means of gaining access to accounts and networks.
Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, and many other things.While South Africa and the continent, in general, are sensitive to cyber threats – it is worth mentioning that cyber-security is a global issue, affecting big corporates across the world. Financial institutions, particularly banks and insurers, are becoming increasingly reliant on digital infrastructure.
Financial institutions have the financial resources to combat cyber-security threats, unlike many sectors. This might look like a positive for someone who works within the financial sector, however, we have a collective problem since we share market segments. As a result, there needs to be a collective solution, or at the very least, a collective action plan.Cyber hygiene is very crucial to combat and manage cybercrimes.
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