cybersecurity threats Archives - AfricaBusiness.com

12Jan

By Africa BusinessNo Comments

South Africa News

What to expect from South Africa’s cybersecurity landscape in 2024

As widely reported last year, South Africa received the most cybersecurity threats on the continent by far – 230 million compared to second-placed Morocco’s 71 million in 2022. Virodh Sunderlall, Product Manager at Services and Solutions Aggregator Tarsus On Demand, says South Africa is particularly vulnerable because of affordability challenges. “More developed countries have more funds available to buy multiple security systems. Our economy has not been at its strongest, so people try to lower expenditure by cutting expenses that don’t generate money, such as security and insurance. This leaves enterprises open to attack.” South Africans are, however, learning that cybersecurity is not a luxury, as with protection of physical property, he says. As the country ramps up its safeguards,...

12Oct

By Africa BusinessNo Comments

Fintech, South Africa News, Tech

The short answer to long passwords

Our digital world has become increasingly risky where hackers access personal data and steal identities with little effort. It’s said that nearly half of all South African consumers have either been a victim of ID theft, or know someone who has, costing in the region of R1 billion a year to the economy. Identity theft is big business – where a fake ID can cost just R3000 on the dark web or in the dark alleys of the city. But are longer, more complicated passwords and security measures the answer for South Africans? A recent Google survey revealed that more than half of the respondents admitted to reusing the same password for multiple accounts. Around 80% of hacking breaches can be attributed to reused or stolen credentials. Pan-African fintech innovator, iiDENTIFii, however, has develop...

21Mar

By Africa BusinessNo Comments

South Africa News, Tech

TransUnion South Africa battling to retrieve personal records after hack

On 17 March, ITWeb reported that credit bureau, TransUnion South Africa, is currently in an ongoing battle with a hacker group that is demanding a $15 million (R223 million) ransom over four terabytes of compromised data. The hacker group, going by the name N4aughtysecTU, which claims to hail from Brazil, is alleging it breached TransUnion South Africa and accessed 54 million personal records of South Africans. Speaking to ITWeb via Telegam, the hacker group claims the information it is in possession of includes anything from credit scores, banking details and ID numbers. TransUnion South Africa has issued a statement confirming that a criminal third-party obtained access to an isolated South African server, through misuse of an authorised client’s credentials. “This alarming news is fu...

19Dec

By Africa BusinessNo Comments

Fintech, South Africa News, Tech

Payment fraud – top five scams to look out for

The truth is, all businesses are at risk of being scammed at some point, and just one incident can cost a company millions of Rand. Ryan Mer, CEO, eftsure Africa, a Know Your Payee™ (KYP) platform provider, says that fraudsters are constantly finding new ways to exploit vulnerabilities and attack corporate payment systems and it’s critical that we all work together and share information to remain one step ahead of scammers. Accounts payable fraud is one of the most damaging and is common in companies large and small, targeting the department responsible for paying suppliers and other vendors. A report from JP Morgan found that 81% (source) of organisations were hit with payment fraud in 2019, and only a relatively small portion of losses are recovered because the scam worked so well. He...

22Oct

By Africa BusinessNo Comments

Tech

ESET’s Intelligent Solutions Updated for Greater Online Protection

Heading into the festive season, it is more important than ever to ensure that computer and smartphone users are protected from increases in brute force attacks, instances of banking malware, and cryptocurrency threats. ESET, the global cybersecurity leader, has launched a new version of its consumer security line-up, which does just that along with its brand new ESET HOME feature. This web or Android-based platform is placed at the centre of the suite of ESET consumer solutions – allowing users to manage the security of all their Windows and Android devices from one seamless and convenient interface. Smartphones are central to people’s lives, with multiple internet-connected devices in their homes. Simple and efficient protection and management of these devices is critical amidst a ...

21Oct

By Warren MyersNo Comments

South Africa News, Tech

AI will reduce SA’s crime stats as early as 2023

Applying artificial intelligence to big data can predict – and prevent - crime. By Warren Myers, CEO and co-founder of security and medical response marketplace AURA When a social media site throws out an ad for a product you were just discussing over the phone, it’s easy to jump to conclusions: They must be listening, surely. But the truth is that the site employed artificial intelligence (AI) to predict your behaviour. You searched for a yeast starter last week and commented on a friend’s photo of sourdough bread yesterday. The ad for a bread-making course that seemingly pops up out of the blue was shown to you because the data predicted you might be interested in it – based on your own and previous users’ behaviour. Those same principles can be applied to fight crime – and s...

14Jun

By Africa BusinessNo Comments

South Africa News, Tech

Cybersecurity is more than a tech issue – it’s a business problem too

A concerning number of South African companies are not prepared for the inevitability of a cyberattack despite the significant financial and reputational risks, according to Ryan Mer, Managing Director, eftsure Africa, a Know Your Payee™ (KYP) platform provider. “Too few senior managers view cybersecurity as a business problem and not just a technology problem. The reality is cybersecurity is very much a business consideration. CEOs and CFOs will eventually face critical questions such as: How much money do we spend on cybersecurity? Do we change key processes? How do we create awareness and change company culture? Do we put security ahead of operational functionality? What is the role of internal processes and staff on data security and integrity?”, he says. Mer adds that because cyber...