Cyber Crime and Covid-19

Cyber Exposure

Due to lockdown implementation there has been an increase in remote working and the subsequent exposures. There is unsecured storage of information on personal devices. The country is also seeing an increase in phishing attacks due to the lack of awareness. Covid-19 has been an accelerator to businesses having to work remotely. Some useful risk mitigation tips are purchasing antivirus subscriptions, employee training, virtual private networks and regular vulnerability assessments.

With the sudden onset of Covid-19, many corners were cut whereby employees were using their own personal devices and their hardware could have been infected prior to having access to their company site. People are also more relaxed at home and less vigilant of phishing attacks. People have copied large files of confidential info onto hardware further increasing exposure and risk.

Criminals are always motivated by the potential of easy financial gain. There is an enormous market that continues to sustain these criminal events.

 www.haveibeenpwned.com – is a site where one can check if your info has been hacked.

South Africa has the sixth highest average exposure to cyber crime, with businesses in the industrial and financial sectors being the most common targets for cyber crime attacks.  South Africa has a lack of publicity of attacks as businesses don’t always disclose their breach, but now with the POPI Act, disclosure will become compulsory.

Financial institutes are often hacked, but often these big brands sustain these breaches without going public.

There is no system out there is 100% secure and South Africa does not yet have adequate qualified personnel in place. Currently, there is mostly the utilisation of global suppliers which can be extremely costly. 

Our advice is to protect your business with Cyber Insurance! Freshfields will be delighted to assist with obtaining quotes for the level of cover required.