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CYBERSECURITY: HOW TO FORTIFY
YOUR DIGITAL DEFENCES
Anyone can be a target of cybercrime, which is on the rise worldwide as the digital landscape continues to evolve. At Sanlam Private Wealth, we are committed to maintaining the highest standards in cybersecurity and safeguarding our clients’ data integrity – here’s what you need to know.
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 cybercrime hotspot, recording hundreds of millions of incidents annually. Locally, the estimated cost hovers at 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 at risk. 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 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 and steal sensitive information.
How can you fortify your digital defences and avoid falling victim to cybercrime? Common cybersecurity practices include:
It is crucial to remain vigilant when encountering suspicious emails, text messages or phone calls asking for personal or financial information. Legitimate organisations will never ask for sensitive information via these channels. If someone asks you to make a payment into a bank account, verify the account details with the recipient by phoning them. Some banks can also assist in verifying bank account information.
In addition, never provide personal information via links to websites in SMS messages you receive out of the blue. Sanlam Private Wealth will never send you an SMS or email with a link to a website where you need to provide identifying personal information in an insecure manner. This includes information such as your ID number, bank account number or a one-time password (OTP).
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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