Nobuhle Nkosi Head of Financial Lines at AGCS Africa.
The Allianz Risk Barometer 2018 has revealed that cyber incidents are a top concern for the financial services industry with 51% of responses from risk experts within the sector. Changes in legislation and regulation with 28% of responses are second, up from third in 2017. Business interruption and new technologies are fairly new risks in the sector in third and fourth position respectively. The report published annually by Allianz Global Corporate & Specialty (AGCS) surveyed 1,911 risk experts from 80 countries.
Business disruptions, which arose as a result of cyber incidents, are a major concern in the South African financial services sector. Online banking rose in tandem with cyber attacks on their networks. These attacks which can take the form of unauthorized access or presentation of malicious software on a company’s system may lead to a significant loss of data, and the unavailability or control of IT systems.
“Cyber incidents aren’t just caused by hackers. Technical failure or malicious or innocent employee action is often to blame. Whatever the cause, reputational damage is irrevocably linked,” said Nobuhle Nkosi Head of Financial Lines at AGCS Africa.
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Source:: IT News Africa