EXPLORING CYBERSECURITY ATTACKS IN SOUTH AFRICA’S FINANCE SECTOR

The rapid rise of digital financial services such as online payments, cell phone banking, and online banking etc. has led to South Africa’s financial sector being an optimal target for cybercriminals. With the exponential rise of cyber security attacks globally, South Africa finds themselves part and parcel of this threat, and this poses a risk to the country’s financial systems, economic prosperity, and citizen trust. Understanding the nature, scope, and impact of these cyber threats is essential for developing effective cybersecurity strategies and mitigating risks. The purpose of this study is to provide an overview of previous attacks in South Africa’s finance sector and the measures needed to prevent future attacks and alleviate any risks.