B2B Central

cybercrime

03 Jul 2018

Why cyber risk is business risk

By Janice Roberts

The recent data breach experienced by Liberty is very telling. Over 40 terabytes – the equivalent of 20 modern portable hard drives – was copied from the financial provider’s systems. These details are important for two reasons: Liberty is a financial provider and thus subject to specific security-related regulations. It is very unlikely, given the...
27 Jun 2018

The rise of multi-factor authentication

By Janice Roberts

While passwords alone do not provide adequate levels of security, their convenience means that they are still widely deployed. Although they will be phased out as the primary method of authentication on mobile and Internet of Things (IoT) devices in 2018, they are unlikely to disappear completely.
15 May 2018

Quarter of all companies expect cybercrime disruption

By Janice Roberts

The rapid digitalisation of the world’s economy brings with it the potential for economic crime to cripple businesses in highly disruptive and devastating ways. A recent 2018 PwC Global Economic Crime and Fraud Survey found that a quarter of South African businesses believe that cybercrime will be the most disruptive economic crime to affect their...
03 May 2018

Attorneys warned against new wave of targeted cyber attacks

By Janice Roberts

Corporate companies are by no means immune to cybercrime, with McAfee’s latest report1 indicating that it cost the global economy as much as $600 billion in 2017. According to Christopher Appanah, Claims Team Leader (PI and Liability) at SHA Specialist Underwriters, cybercrime is also evolving rapidly with attacks becoming more elaborate.
11 Apr 2018

Companies should be more proactive in fighting corruption

By Janice Roberts

Organisations are not immune to the devastating consequences of fraud and corruption. Nowadays, organisations are under threat from a host of risks including procurement fraud and cybercrime. Zaakir Mohamed, Director in the Dispute Resolution practice at Cliffe Dekker Hofmeyr (CDH), says that it is critical for organisations to fully understand the risks they face and...
29 May 2017

Cybercrime on the increase

By Janice Roberts

‘WannaCry’ has been branded as one of the most widespread ransomware attacks ever recorded, with more than 300 000 victims in 150 countries around the globe. This is according to Kerry Curtin, Business Unit Manager: Financial Institutions at Aon South Africa.  ‘WannaCry’ firmly highlights cyber-crime’s inherent risk to business, with its dramatic rise in the top ten...
04 Apr 2017

Data – the most valuable business asset in the technological age

By Janice Roberts

Cybercrime is expected to cost businesses about R78 trillion by 2021, according to statistics quoted by Cisco Connect South Africa. The internet has created the perfect platform for cyber criminals to grow and prosper as they find ways around security systems and many people and businesses alike, are still not optimally protecting their valuable information.
15 Sep 2016

Travel agents and tourists beware of fraud risks

By Janice Roberts

The number of international tourists arriving in South Africa has surged by 18,7% in the last quarter of the 2015/16 financial year, compared to the previous year, according to the Department of Tourism’s annual report.
15 Sep 2016

Why do we protect our cars and homes but not our identities?

By Janice Roberts

Imagine waking up to discover someone you’ve never met has racked up a huge amount of debt, and potentially a criminal record, in your name. Now imagine this person got all the information they needed to steal your identity simply by browsing your Facebook profile. Coenraad de Jager, Executive: Commercial, Personal and Distribution at Mutual...
02 Mar 2016

Being first isn’t always best

By Janice Roberts

South African organisations reported a considerably higher frequency in the incidence of economic crime in comparison to their African and global peers, with more than two in three organisations (69%) indicating that they had been victim to economic crime in the last 24 months, according to PwC’s biennial Global Economic Crime Survey issued this week. Louis...
18 Nov 2015

SA insurers urged to be more vigilant

By Janice Roberts

It is estimated that insurance crime – including insurance fraud, theft, money laundering and cybercrime – costs the insurance industry around R4 billion a year, according to the South African Insurance Crime Bureau (SAICB).
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