IconAccounting & Tax
IconAppraisers & Valuers
IconArbitration Services
IconAssessors & Loss Adjusters
IconAssist and Lifestyle Benefits
IconAssociations & Institutes
IconBBBEE Consulting and Verification Agencies
IconBroker Acquisition Financing
IconBrokers for Brokers
IconBusiness Process Management
IconCall Centre Outsourcing
IconCompany Secretarial Services
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconDefensive Driver Training
IconEducation and Training
IconEmergency Medical Rescue
IconFire, Storm, Flood Damage Specialists
IconHuman Resources
IconIndustrial Cleaners
IconInformation Technology and Software Partners
IconInsurance Companies
IconLightning Damage & Surge Protection Specialists
IconNiche Insurance Products
IconOutsourcing Companies
IconPremium Financing
IconPublic Loss Adjustors
IconRating Agencies
IconReference Books & Material
IconRegulatory Authorities
IconRisk Finance
IconRisk Management
IconRisk Surveyors
IconSalvage Operators
IconSpecialized Claims Investigations & Assessing
IconSurveys and Research
IconTraining Courses & Workshops
IconUnderwriting Managers
IconVehicle Accident Management
IconVehicle and Household Risk Inspection Services
IconVehicle Tracking
IconWellness Programs
IconWholesale Brokers
  Subscribe To »

Linkedin hacking a warning for South African businesses







The recent hacking of social networking website, LinkedIn, has put personal information of millions of users at risk as more than six million passwords were stolen. According to Robert Boccia, Executive: IT at Lion of Africa Insurance, this is the latest breach in a string of high-profile hacks affecting consumers, companies and governments around the world, highlighting the significant risks of cyber-crime for South African businesses.


“From a financial perspective, cybercrime cost South Africa over R4 million last year with more than 4 646 online adults becoming a victim of cybercrime every day in the last year, and incurring an additional R7.1 million loss in time spent resolving the crime. Local businesses simply cannot afford these kinds of interruptions in 2012 and must take the necessary precautions,” says Boccia.


He warns that one of the most vulnerable areas for a company is their internal data security procedures. Boccia says the majority of data contamination and loss of intellectual property occurs as a result of security breaches within an organisation. For this reason, he urges South African businesses to tighten up internal data storage security, as well as to protect data from external breaches, in order to maintain their competitive advantage.


“It is not only hacking that companies need to look out for. Hacking involves sophisticated and invasive coding where the challenge is usually simply to gain entry into a closed system. The greater danger is internal security breaches such as password sharing and the circulation of unprotected emails within a company which allow criminals access to confidential information.”


He advises companies to carefully screen their employees who handle confidential company information. “At a low level, this can be done by means of a simple credit check. It is also vital that employees are trained as to how to use internal systems, so that they can be held accountable for the security of the data.”


Boccia says that it is important to firstly, extend perimeter protection beyond just the firewall and to ensure that a comprehensive security threat assessment is included as part of your security strategy. Secondly, he stresses the importance of having internal management systems that incorporate updating antivirus and anti-malware automatically so that users do not need to worry about whether or not their systems are always up to date.


Furthermore, he says that it is imperative to commission regular penetration and vulnerability tests which assess the effectiveness of the security measures and can detect the possibility of an internal or external breach of security.


“The nature of business today means that companies are storing huge amounts of data on central servers. This data is used by company executives, CEO’s and junior employees alike and most of this information may be construed as confidential and sensitive. The challenge is to implement processes and procedures that allow the appropriate people access to the system but ensure the security of the data at the same time,” concludes Boccia.

Source: Epic Communications (Pty) Ltd
« Back to previous page Print this page » |

Breaking News »

Retailers should optimize supply chains to ensure customer satisfaction this festive season – DHL

The e-commerce shopping experience is increasingly becoming a popular option for consumers during the festive season CAPE TOWN, South Africa: The e-commerce shopping experience is increasingly becoming a popular ...
Read More »


Payroll snags to watch out for over the festive season

By Sandra Swanepoel, Managing Director for Sage HR & Payroll The festive season is nearly here. Here are a few tips that will help you to get ready for the last payroll of the year and the big holiday shutdown ...
Read More »


Associated Compliance is on the move today

Effective Monday 30th November Associated Compliance will be at: Ground Floor Lakeview House Constantia Office Park Corner 14th Avenue and Hendrik Potgieter Street Weltevreden Park Roodepoort 1709 Our ...
Read More »


Coface projections for 2016 Energy Market

By Coface, the Trade Credit Insurance Company   The energy sector has been hit by the fall in the oil price, down 59% between June 2014 and 24 September 2015 for a barrel of Brent. To overcome the fall ...
Read More »


More News »


Healthcare »


Investment »


Life »


Retirement »


From The Glossary »


Financial Advisor:

The financial advisor is the person who assists one in drawing up a financial plan by taking into account one's risks and investment goals. He or she should have the relevant product knowledge and insight to advise one on the best method of attaining those goals. A financial advisor may or may not be attached to a specific assurance company.
More Definitions »

By using this website you agree to the Terms of Use.
Copyright © Stoker Risk & ICT (Pty) Ltd 2004 - 2015.
All Rights Reserved.





Contact IG


Media Pack


RSS Feeds