IBM’s “Cost of a Data Breach Report 2020”, surveyed from August 2019 to April 2020, covered 17 countries including South Africa, with 524 organisations that had experienced data breaches recruited into the study, and interviews with more than 3 200 individuals.
Experian Africa chief executive Ferdie Pieterse confirmed that civil and criminal procedures were being pursued against the perpetrator as the credit bureau took every step available to limit the impact to citizens and businesses in South Africa. Nowhere have data breaches been more pronounced than in the global supply-chain sector, with nearly 300 cybersecurity incidents reported last year. Ransomware attacks, which encrypt data and block access to systems until a ransom is paid, have become the most common and costly form of cyberattacks in the industry.
“In most of these incidents, the underlying cause was social engineering, which, in the context of data security, is manipulating people into divulging confidential or personal information that may be used for fraudulent purposes,” Sebola said. BIL developed a cybersecurity policy that includes controls such as employee conduct while utilising the company’s network, installing and running security programs, and ongoing security maintenance. The policy also maps out the roles and responsibilities for all employees pertaining to the issue, regardless of their role or level of seniority.
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