Reserve Bank Will Consider Further Regulatory Intervention On Cyber Security

As evident from an annual 2015 report of the South African Reserve Bank’s supervision department, despite challenging economic conditions, there is a significant decrease in risk losses when 2015 is compared to 2014.

The losses appeared mainly due to process and delivery management and specifically from external fraud events.

The report focused on cyber security revealing that it is still a major concern. The department will consider further regularty interventions in the cyber security sector.

Service providers of the banks are also facing plenty of risks when it comes to cyber security threats as they have faced many criminals who attacked them through system networks.