In October last year we spoke about why cyber insurance is essential for your business’s
success. At that stage of the year, the Liberty Holdings data breech was
still on going, with the after effects rippling through the most part of the
year. This data breech is still on going in its case, with the hackers holding
the data at ransom, leaving Liberty Holdings with the ball in their court.
In an article published by fin24.com, they noted that according to
Kerry Curtin, a cyber risk expert at
Aon South Africa, that all South
African businesses, including educational institutions, have been particularly
hard hit by an onslaught of cyber-attacks.
With the cyber threat terrain as
expansive as it is, it’s clear that no one is immune to a cyber-attack. Not
businesses, not individuals.
In 2017 alone, the “Master Deeds”
incident and Ster-Kinekor’s data breech saw millions of South Africans
vulnerable with their highly sensitive personal information exposed. And it
hasn’t calmed down since.
What are the major threats?
The main cyber threats in South Africa seem to be
identity theft, phishing and ransomware.
Identity theft is where criminals acquire an individual’s personal information and use
it to convince a financial institution that they are you, allowing them to gain
full access to your personal financial accounts.
Phishing is when criminals try trick unsuspecting victims through scams into
clicking on a malicious URL or to open an email attachment to steal their login
details. They then use this information to gain unauthorised access to the
victims’ financial accounts.
Ransomware is where a hacker will encrypt files on an individual’s computer.
The only way to get the files back is to pay the hacker, usually in crypto
To ensure that both you and your
business are fully covered for any potential cyber threats, contact us for the