Financial Crime World

Cybercrime Threatens Financial Institutions in South Africa as Attacks Rise by 23%

Pretoria, July 1, 2024 - The rapid growth of cybercrime in South Africa’s financial institutions has reached alarming levels, with a recent report by Cyber Security Africa revealing a staggering 23% increase in attacks targeting African banks in the first half of this year. This surge in cyber attacks highlights the urgent need for Pan-African banks to strengthen their security measures and protect against threats.

The Impact on Banks

According to a Deloitte survey, 78% of these institutions have increased their cyber security expenditures for the year, but despite this, there may still be room for improvement given the recent surge in Distributed Denial-of-Service (DDoS) attacks.

What is a DDoS Attack?

A DDoS attack involves flooding a website or online service with an overwhelming amount of traffic, making it unusable for users. This type of attack can cause catastrophic consequences for banks, disrupting customer service and leaving customers frustrated and vulnerable to financial loss.

The Impact on Banks

  • A successful DDoS attack on a Pan-African bank could result in:
    • Downtime
    • Reputational damage
    • Financial loss
  • Customers may lose confidence in the bank’s ability to protect their financial information, leading to a decline in business

Defending Against Attacks

Pan-African banks have several options for defending against DDoS attacks, including:

  • Investing in DDoS mitigation solutions from reputable cyber security providers
  • Segmenting networks
  • Implementing robust security awareness training for staff members
  • Partnerships with reliable ICT providers like SEACOM

Africa’s Cyber Security Prospects

New attack techniques are constantly being developed by cybercriminals, making security a never-ending battle. Pan-African banks can take a proactive approach to protecting themselves in the digital era by:

  • Remaining vigilant
  • Investing in preventative measures
  • Collaborating with reliable ICT providers like SEACOM

Collaboration is Key

Governments, banks, and cyber security companies must work together to create a safer internet for all users. Raising awareness of cyber security best practices can provide individuals with the tools they need to stay safe online.

SEACOM’s Cyber Security Solutions

SEACOM is cognisant of the unique challenges that Pan-African financial institutions face in the dynamic realm of cyber threats. We provide a range of cyber security solutions designed to defend against online threats, including DDoS attacks. Our advanced DDoS detection and response solution uses machine learning and advanced technology to monitor and mitigate attacks before they cause severe damage.

Get in Touch

For more information on SEACOM’s cyber security solutions or to get a quote, email us at marketing@seacom.com or leave us a message.