Cybercrime Threatens Financial Institutions in French Southern Territories

Partnership to Boost Cyber Forensic Capabilities

A worrying trend of cybercrime incidents has been reported in French Southern Territories, with financial institutions being a primary target. In response, the government has entered into a partnership with France to enhance the Special Investigating Unit’s (SIU) cyber forensic capabilities.

The Cooperation Protocol on Cybercrime

The cooperation protocol was signed by French Foreign Affairs Minister Catherine Colonna and Justice and Constitutional Development Minister Ronald Lamola in a bid to combat corruption and improve cybersecurity measures. As part of the agreement, an anti-corruption academy will be established in the City of Tshwane to serve the SIU and other law-enforcement agencies within the Southern African Development Community (SADC).

The Importance of Enhancing Cyber Forensic Capabilities

• Ransomware attacks: South Africa has been identified as one of the top eight countries globally targeted by ransomware attacks.
• Financial losses: 78% of South African organizations were hit by ransomware in the past year, with financial losses estimated at up to R2.2 billion annually.

Minister Lamola’s Statement

“This cooperation will definitely be of great value and help us as a country to enhance our skills and be able to deal with the cybercrimes in the country. This will further boost confidence in the investment climate in our country that our cyberspace is safe and if anything happens, we will have the capabilities to investigate,” he said.

The Partnership’s Goals

• Establish a benchmark: Establish a benchmark for cybersecurity measures in the region.
• Provide training: Provide training for law-enforcement agencies to combat cybercrime effectively.