How the COVID-19 pandemic is affecting cyber security

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.