The digital age is characterised by rapid change and the introduction of pioneering solutions that have the power to make a real difference. Unfortunately, with these innovative solutions comes increased exposure to cybercrime — a fact many South Africans are intimately familiar with, given that more than nine attempted attacks take place every second.
The truth is that no individual or business is immune to the possibility of an attack. Addressing this risk and the catastrophic consequences that come from it requires an intensive approach, something we as the Financial Sector Conduct Authority (FSCA) are aware of, take seriously and are investing in. As the authority responsible for regulating the way SA financial firms conduct themselves, we are required to stay ahead of the curve.
Our cybersecurity technology investments need to be targeted, business-driven, and focused on mitigating the threats and vulnerabilities of our current operations. Improving our ability to detect and respond to cyber threats swiftly is core to what we do. This thinking is important for us to avoid incidents of stolen intellectual property, lost customer data, crippling ransomware and other forms of cybercrime. This is why we have adopted a risk-based approach in our cybersecurity strategy, supported by a dedicated team that is charged with ensuring its implementation.
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