Cyber attacks on third parties raise risks for SA financial servicesOver the past few years, there has been an exponential surge of cyber attacks globally. New technologies, a proliferation of threat actors, greater sophistication and innovation skills invested in the cyber underworld are all converging with the radical expansion of our digital world. This month, Statista forecast that global cyber crime costs would rise by 69.94% between 2023 and 2028, reaching the stratospheric high of US $13.
Ransomware, denial-of-service and supply chain attacks can all cut off companies from their access to the software that powers their businesses. Malicious attacks may specifically target software source code to lock out legitimate users, disrupt operations and prevent business as usual., says: “In general, cyber attacks are picking up in all areas; however, there are increasingly significant risks to organisations surrounding third-party source code.
Watson comments: “In its State of Ransomware in South Africa 2024, cyber security provider Sophos reports the average cost of recovery incurred by South African organisations excluding ransom payments runs to over US $1 million, and 26% of organisations require between one and six months to recover to full operational capacity.
Watson concludes: “While software escrow obviously cannot prevent a cyber attack on a third-party software supplier, it does provide corporate and government entities with a vital failsafe in the event of source code being encrypted or tampered with during a cyber attack. Software suppliers, which include fintech start-ups, allocate a cyber budget that cannot compare to the big corporates they do business with.
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