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CYBERSECURITY: HOW TO FORTIFY
YOUR DIGITAL DEFENCES
Head of Technology
Sep 26, 2023
According to the World Economic Forum, cybercrime inflicted damage of around US$6 trillion upon the world economy in 2021 and is projected to cost a staggering US$10.5 trillion by 2025. On the African continent, Interpol has singled out South Africa as a hotspot for cybercrime, recording hundreds of millions of incidents annually. Locally, the estimated cost hovers around R2.2 billion per year, and we are ranked number five in the world in terms of cybercrime density (measured by the number of victims per million internet users).
Cybercrime knows no boundaries – anyone can be a target. New types of scams continue to emerge in which fraudsters lure unsuspecting individuals into divulging confidential information – often via email, SMS, phone call, malware or remote access. In some cases, individuals are deceived into transferring funds to a fictitious bank account in the name of a legitimate business.
As technology forges ahead, it is imperative for us all to remain hypervigilant in protecting our financial assets against cybersecurity threats.
In essence, cybersecurity refers to the practices and measures taken to protect computers, networks and online information from unauthorised access, damage or theft. It involves safeguarding digital systems and data from potential threats such as hackers, viruses and other malicious actors.
One can think of cybersecurity as being the digital counterpart to the locks and security measures you would use to protect your physical home from burglars. In the digital world, it is about using various techniques, tools and best practices to keep your online assets safe from cybercriminals who might try to gain unauthorised access to them and steal sensitive information.
How can you fortify your digital defences and ensure you don’t fall victim to cybercrime? Common cybersecurity practices include:
Additionally, maintaining vigilance when encountering suspicious emails, text messages or phone calls asking for personal or financial information is crucial. Legitimate organisations will never ask for sensitive information via these channels. If anyone is asking you to make a payment into a bank account, verify the account details with the recipient via a phone call. Certain banks can also assist in verifying bank account information.
At Sanlam Private Wealth, we take cybersecurity very seriously. We are committed to maintaining the highest standards in safeguarding our clients’ data integrity. We diligently adhere to data privacy regulations in South Africa and use data encryption where applicable. We employ advanced protection measures against external threats, coupled with ongoing training for our employees to ensure they are well versed in the latest cybersecurity trends and best practices.
Please note that Sanlam Private Wealth will never change its banking details, or send you these details, without appropriate prior notification. If in doubt, always check with your portfolio manager or Sanlam Private Wealth regional office.
Please don’t hesitate to contact your portfolio manager if you have any questions.
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Sanlam Private Wealth (Pty) Ltd, registration number 2000/023234/07, is a licensed Financial Services Provider (FSP 37473), a registered Credit Provider (NCRCP1867) and a member of the Johannesburg Stock Exchange (‘SPW’).
All reasonable steps have been taken to ensure that the information on this website is accurate. The information does not constitute financial advice as contemplated in terms of FAIS. Professional financial advice should always be sought before making an investment decision.
Participation in Sanlam Private Wealth Portfolios is a medium to long-term investment. The value of portfolios is subject to fluctuation and past performance is not a guide to future performance. Calculations are based on a lump sum investment with gross income reinvested on the ex-dividend date. The net of fee calculation assumes a 1.15% annual management charge and total trading costs of 1% (both inclusive of VAT) on the actual portfolio turnover. Actual investment performance will differ based on the fees applicable, the actual investment date and the date of reinvestment of income. A schedule of fees and maximum commissions is available upon request.
COLLECTIVE INVESTMENT SCHEMES
The Sanlam Group is a full member of the Association for Savings and Investment SA. Collective investment schemes are generally medium to long-term investments. Past performance is not a guide to future performance, and the value of investments / units / unit trusts may go down as well as up. A schedule of fees and charges and maximum commissions is available on request from the manager, Sanlam Collective Investments (RF) Pty Ltd, a registered and approved manager in collective investment schemes in securities (‘Manager’).
Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. The manager does not provide any guarantee either with respect to the capital or the return of a portfolio. Collective investments are calculated on a net asset value basis, which is the total market value of all assets in a portfolio including any income accruals and less any deductible expenses such as audit fees, brokerage and service fees. Actual investment performance of a portfolio and an investor will differ depending on the initial fees applicable, the actual investment date, date of reinvestment of income and dividend withholding tax. Forward pricing is used.
The performance of portfolios depend on the underlying assets and variable market factors. Performance is based on NAV to NAV calculations with income reinvestments done on the ex-dividend date. Portfolios may invest in other unit trusts which levy their own fees and may result is a higher fee structure for Sanlam Private Wealth’s portfolios.
All portfolio options presented are approved collective investment schemes in terms of Collective Investment Schemes Control Act, No. 45 of 2002. Funds may from time to time invest in foreign countries and may have risks regarding liquidity, the repatriation of funds, political and macroeconomic situations, foreign exchange, tax, settlement, and the availability of information. The manager may close any portfolio to new investors in order to ensure efficient management according to applicable mandates.
The management of portfolios may be outsourced to financial services providers authorised in terms of FAIS.
TREATING CUSTOMERS FAIRLY (TCF)
As a business, Sanlam Private Wealth is committed to the principles of TCF, practicing a specific business philosophy that is based on client-centricity and treating customers fairly. Clients can be confident that TCF is central to what Sanlam Private Wealth does and can be reassured that Sanlam Private Wealth has a holistic wealth management product offering that is tailored to clients’ needs, and service that is of a professional standard.