Findings from the Cyber Intelligence Research Group Cause Doubt

The South African banking industry is aware that the findings of research conducted by the Cyber Intelligence Research Group and specifically the Cyber Exposure Index may cause unnecessary fear, uncertainty and doubt. Whilst research is an important component for the development of cybersecurity products and services, an organisation’s cyber risk exposure cannot be determined purely on external factors but must also take internal factors into consideration.

The South African Cyber Exposure Index findings are based on data sourced predominantly from external sources on the dark web, deep web as well as data breaches. The banking industry takes cyber threat intelligence seriously, but cautions that this is only one component of the cyber risk management process.

“Cyber Security is a high priority for the South African banking industry and continuous investment is made in consumer education and technologies that strengthen our security posture. We are confident that these investments are yielding the expected results and, as a banking industry, will continue to build trust and confidence with our clients”, says SABRIC CEO, Kalyani Pillay.