In the wake of the rise in cyber crime and the Western Cape legislature's parliamentary cyber attack in May, it is no surprise that cyber attacks and the protection of data are in the spotlight.
According to reports, the oversight committee heard that extortionists demanded a ransom and that confidential information about members of the legislature was leaked.
The attack also rendered the legislature's information and communication technology (ICT) services inaccessible.
The question remains: If it can happen to an organisation such as the Western Cape legislature, can it happen to you?
The answer is yes.
In fact, it is important for anyone with a bank account to understand the risks that come with online banking as well as how to protect against them.
But how can you protect yourself if you don’t know what criminals are doing?
Cybercriminals are using more sophisticated techniques, such as hacking, phishing, spamming, card theft, online fraud, vishing, and keylogging, among many others, to exploit individuals and companies and gain unauthorised access to their money.
A technique known as web skimming has also become increasingly common in recent years. Web skimming, also known as ‘formjacking, is a cyberattack hackers use to hijack virtual forms on websites.
This technique then allows cybercriminals to capture the payment details entered by consumers instead of the online store.
The scary part is that all websites are susceptible to this risk.
Co-founder of Digimune, Simon Campbell-Young, said South African Internet users need to see themselves as human firewalls and protect their assets and personal information.
"To protect yourself effectively, it’s important to know what threats are out there and how to defend against them. Your first step is to stay vigilant by asking yourself questions like, Is this website URL correct? Does this form look different? Have I set up my antivirus to check my online activity? With new viruses being launched on the internet every day, it’s critical to ask these questions before making online purchases or entering your bank details anywhere," says Campbell-Young.
According to Statista, there were a staggering 5.5 billion malware attacks globally in 2022, which is higher than the previous year.
The AV-Test Institute discovered over one billion malware programs installed worldwide. In addition to this, 560,000 new malware infections were being found every day.
While new techniques and scams are on the rise, this does not mean you should give up on online banking and stash your money in a mattress.
All we have to do is be careful and use software protections that are designed to monitor your online activity and detect potential scams, phishing attempts, and identity manipulation tactics.
IOL