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How the COVID-19 pandemic is affecting cyber security
If it were measured as a country, then cybercrime which is predicted to inflict damages totalling $6trillion globally in 2021would be the world’s third-largest economy after the U.S and China according to a report by the World Economic Forum but could the rise in e-crime be mitigated? CNBC Africa spoke to the Chief Solutions Director at Lawtrust, Maeson Mahery for more.
Tue, 18 May 2021 15:42:48 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- The COVID-19 pandemic has accelerated digitalization, leading to a surge in cybersecurity threats globally.
- Individuals and organizations are urged to prioritize cybersecurity measures, including strong authentication and regular software updates, to mitigate security vulnerabilities.
- The financial services sector faces increasing challenges in protecting customer data and maintaining regulatory compliance amidst the shift towards digital channels for enhanced customer experience.
The COVID-19 pandemic has not only brought about a health crisis, but it has also accelerated the pace of digitalization globally. With countries implementing lockdown measures, individuals and businesses have turned to digital platforms for communication, work, and everyday activities. However, this surge in digitalization has also led to an increase in cybersecurity threats, with cybercrime predicted to inflict damages totaling $6 trillion globally in 2021. This staggering figure would make cybercrime the world's third-largest economy if measured as a country, following the US and China. To delve deeper into this issue, CNBC Africa spoke with Maeson Mahery, the Chief Solutions Director at Lawtrust, to discuss the implications of the rise in e-crime and how individuals and organizations can protect themselves. Mahery emphasized the importance of being 'street-wise' in digital interactions, highlighting the need to verify authenticity in online interactions. He also underscored the significance of regularly updating software and apps to mitigate security vulnerabilities. Moreover, he addressed the evolving nature of cyber threats, stressing the importance of strong authentication measures and system patching. In light of recent cyber incidents targeting financial services institutions, Mahery discussed the challenges faced by banks, insurance companies, and fintech firms in safeguarding customer data and maintaining regulatory compliance. As the financial sector increasingly focuses on enhancing customer experience through digital channels, Mahery emphasized the need for robust security measures to stay ahead of sophisticated hackers. With the regulatory landscape evolving to hold companies accountable for data protection, organizations are urged to prioritize cybersecurity as a crucial aspect of modern business operations.
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