South African companies are becoming more vulnerable to cybercrimes, resulting in financial losses and damage to their credibility.
The South African Banking Risk Information Centre says this form of crime spiked almost 30-percent since 2013.
Now a new Cyber Intelligence Centre is aiming to keep African businesses vigilant about such attacks.
“A network of cables spanning the globe, connecting continents, connecting companies, connecting communities it is this broadband of light that binds us. An arrangement of intersecting lines from where our nation at the tip of Africa meets the world…”
It’s this connectivity that often comes with a lot of risk.
But armed with a qualified team and state of-the-art tools, Deloitte’s Cyber Intelligence Centre, a first of its kind in Africa, will monitor suspicious cyber-activity.
“ The first part is what we call situational awareness, generating threat intelligence, scanning what’s happening around the world, picking up on who’s doing what , who’s trying to attack what organisation and then converting that threat intelligence into models ……we’ll then analyse that and if we think that our client is under attack or should be worried we would then kick of a process a response process that would inform the client what’s happening and help guide them on what their reaction should be to this attack that they’re under….” said Deloitte Africa Cyber Risk Services Derek Schraadar.
The team monitors a range of threats from fraud to reputational damage.
“The south African market place is definably becoming more aware of the threat and are now moving to a position where they are now prepared to take action…:”
But the centre says greater collaboration is required.
“We would love to share. We would love to collaborate, because this is one of those challenges where you don’t want to be facing this challenge on your own…you want to be standing alongside government and peers in industry to combatting this threat,” Scradaar said.
According to the centre’s research, companies need to know their greatest assets and biggest risks to address relevant threats.
Deloitte’s cyber risk centre says since cybercrime is so rife companies need to prepare for the inevitable.