BEC Attacks: Who is legally responsible?
Business Email Compromise (BEC) and cyber attacks are on the increase worldwide. Conveyancing firms, their clients, and other organisations effecting many large non-recurring type transactions are particularly vulnerable to BEC fraud. Ryan Mer, Managing Director, eftsure Africa, a Know Your Payee™ (KYP) platform provider says gaps in organisations’ payment systems not only pose massive financial and reputational risks, but can have serious legal implications as well.
According to a global survey conducted by Mimecast Cyber Security Services in 2020, six out of ten companies globally were infected with ransomware and there was a 64% increase in email threats. An Accenture report from May 2020 confirms South Africa had the third most cybercrime victims globally, resulting in losses toppin...