Sabric reassures consumers as banks are hit by ransom attacks

South African banks have recently come under fire from ransom-driven denial of service attacks, creating concern among consumers and the banking industry as a whole. The South African Banking Risk Information Centre (Sabric) has confirmed the occurrence of Distributed Denial of Service (DDoS) attacks, which involve criminals flooding internet traffic with the aim of disrupting public-facing services. While these attacks may lead to temporary connectivity issues for customers attempting to use internet banking services, Sabric emphasizes that the attacks are not hacks, and there is no risk to consumer data or bank core systems. In an exclusive interview with CNBC Africa, acting CEO of Sabric, Susan Potgieter, shed light on the nature of the attacks and the measures being taken to mitigate them. Potgieter clarified that the attacks on the banks are distinct from the recent hacking incident involving the city of Johannesburg, emphasizing that the banking sector is not compromised in the same manner. While the attacks may result in inconvenience for customers, Potgieter assured that banks are actively defending against the increased traffic and maintaining service stability. She highlighted that the industry is united in its response to the situation, with banks remaining vigilant and mobilizing strategies to safeguard customer-facing services. Addressing concerns about data protection, Potgieter underscored that DDoS attacks primarily target accessibility rather than data integrity. She reassured the public that banks have robust mitigation plans in place to combat such incidents, emphasizing a zero-tolerance policy towards ransom demands and criminal activity. Despite the recent ransom-driven nature of the attacks, Potgieter emphasized that banks have encountered similar threats in the past and have consistently upheld stringent security measures. When questioned about the frequency of DDoS attacks in South Africa, Potgieter acknowledged that such incidents have occurred frequently in the past. However, the recent demand for ransom accompanying the attacks has garnered attention and heightened concerns. She firmly stated that banks will not yield to ransom demands, upholding the industry's commitment to combating organized crime and maintaining a high standard of cybersecurity. Potgieter reiterated that South Africa's banking system aligns with international best practices and regulatory standards, underscoring the country's dedication to data protection and security. As the banking industry navigates the challenges posed by ransom-driven DDoS attacks, consumers are urged to remain vigilant and trust in the robust cybersecurity measures implemented by financial institutions. Sabric reassures the public that banks are equipped to handle the current situation effectively, emphasizing the industry's unwavering commitment to safeguarding customer data and maintaining service reliability amidst evolving cyber threats.