South African banks jack up cyber security

It has been reported that South African banks are attaining top security to safeguard them from a cyber crime which includes SIM swap incidents.
According to Deloitte’s 2015 Banking Outlook report, banks around the world are looking to recruit specialist skills from military and government agencies to add defensive measures to their cyber security.

Cyber security had hit South African shores in a big way in recent years. Deloitte’s industry head for banking assurance, Darren Shipp, said that he’s not sure whether the local market realises the scale and severity of the threat as South Africa’s financial system are highly sophisticated. But it has not yet faced the same level of sophistication of cyber threats on the same degree as that experienced by the US banking sector.

Another example of cyber crime is the fact that criminals are using malware to infect personal computers and cell phones to obtain client banking details.

For this reason, South African Banking Risk Information Centre’s (Sabric) acting chairperson Susan Potgieter has said that there has been a recent launch of a cyber security hub within the Department of Telecommunications and Postal Services. The bill proposes imposing penalties related to cyber crime, regulating powers to investigate, search and seize and also monitor aspects of international co-operation to investigate cyber crime.

With all the cybercrime going on, cyber security needs to be a high priority within the banking industry, and everyone in the banking sector needs to be educated.

We can only hope that this increased level of security will make a huge difference, resulting in safer banking.


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