South Africa is Ranked the Highest in the World for Economic Crime.

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South Africa is Ranked the Highest in the World for Economic Crime.

South Africa Economic Crime

The Leading type of data breach caused by hackers according to the Gemalto Breach Level Index Annual Report 2015, was Identity Theft. 53.2% of all data breaches recorded in the first half of 2015 worldwide were categorized as Identity Theft in nature, meaning that the purpose of the hack was to obtain personal information.
It was reported in early February this year that the Hacktivist Group, Anonymous had hacked the Government Communications and Information System (GCIS) of South Africa’s database as part of their #OpAfrica operation. The purpose of the operation is a disassembly of corporations and governments that enable and perpetuate corruption on the African continent.News of the GCIS hack came after the Anonymous group had hacked the local job portal V-Report.
Theft of your personal information has been around for as long as we can remember but why are we hearing so much about it lately? Jason Hart, vice president and chief technology officer for data protection at Gemalto sums up an important issue on the subject in a recent article posted by www.scmagazine.com. Mr. Hart stated that stolen credit card data “can be resolved pretty quickly,” while other forms of identity “are a lot harder for individuals and organizations” to remedy. “It leads to a long series of attacks.”
If you listened to 702 Talk Radio recently, you would have had the pleasure of listening to Carol McLoughlin, the Executive Director at the South African Fraud Prevention Services (SAFPS) who provided valuable insight on the awareness of Identity Theft. She also stated that the number of reported cases of Identity Theft to their
organisation exceeded 2400 in 2015.

With the increase of Cybercrime globally as well as in South Africa which has been ranked as having the highest rate of economic crime in the world it is no wonder that we all should be vigilant online and offline. A recent article on www.businesstech.co.za stated that Cybercrime has risen to the fourth most reported type of economic crime in South Africa, with 32% of organisations affected. It also stated that South African organisations were reported to be more than twice as likely to be defrauded by vendors compared to the rest of the world.
Stay Informed.
The Identity Guard Team.

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1 Comment

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