The rapid digitalisation of the world’s economy brings with it the potential for economic crime to cripple businesses in highly disruptive and devastating ways.
A recent 2018 PwC Global Economic Crime and Fraud Survey found that a quarter of South African businesses believe that cybercrime will be the most disruptive economic crime to affect their organisations in the next two years. This statistic becomes even more startling when one considers that according to the findings of the PwC report, South Africa has the dubious honour of having the highest level of reported economic crime in the world, with a staggering 77% of companies being affected.
Junaid Amra, Partner in PwC’s Forensic Services Division, says that when it comes to combating fraud and economic crime, technology can become a double-edged sword. “In the never-ending efforts to modernise both the business and the fraud-detecting capabilities of the business, technology can become a business protector, but also a threat if the risks associated with technology deployment are not properly assessed,” he says.
He points out a key finding in the global survey which says technology has become so pervasive across every business process that how a company chooses to leverage this technology to combat crime is central to the customer experience. Amra further stated, “Over a fifth of all customers said business technology to predict fraud was producing too many false positives and these false alarms become invasive for the customer.”
The survey found that companies are finding it increasingly expensive to invest in technology. “This being said, South Africa, and Africa in general, are investing in advanced technologies such as artificial intelligence at a faster rate than the rest of the world. This may be to play catch-up with the rest of the world in efforts to combat economic crime, but it also signals the seriousness with which cybercrime is being approached.”
In addition to the customer experience being directly affected by the use of technology, criminals can and do use the company’s own technology to commit their crimes.
With new digital products, criminals are given new attack vectors, making the job of stopping these attacks so much harder. “In the past, companies may well have used good old-fashioned business-to-business processes to bring a product to market – resellers, distributors and retailers. However, technology has meant that there are innovative business-to-consumer platforms providing a wider attack surface for cyber criminals,” explains Amra.
In 2017, a single ransomware attack crippled the United Kingdom’s National Health Service, not only threatening lives, but also crippling hundreds of thousands of computers around the world. This is just one example from many that can be cited. The potential for harm is frightening as the technical sophistication of external fraudsters and attack surfaces within businesses continue to grow side by side.
It is for this reason, says Amra, that more than a quarter of respondents to the survey felt that cyber criminals would attack them in the next two years.
Amra concludes that the survey found that the responsibility of dealing with economic crime rests with the C-suite. Based on incidents we’ve assisted clients with organisations are falling into two categories, those who have executive-led initiatives and those who are crisis driven i.e. moving from one crisis to the next without a clear cybersecurity strategy supported by the C-suite. It goes without saying that organisations with executive-led initiatives are faring much better when faced with cyber attacks. From a steering, strategic and reputational point of view, business leaders such as the CEO are finding that the buck stops with them in the fight against cyber criminals.
Win a Poster Heater with Gadget and Takealot.com
This winter Gadget and Takealot.com are giving away three Poster Heaters, which look like posters but become heaters when you plug them in.
Three Gadget readers will each win a unit, valued at R550 each. To enter, follow @GadgetZA and @Takealot on Twitter and tell us on the @GadgetZA account how many Watts the heater consumes.
What’s the big deal about these heaters? Many of us are struggling to keep the balance between soaring electricity costs and the need to keep warm this winter.
However, the recently launched Poster Heater by EasyHeat and distributed in South Africa by Takealot.com is not only one of the most cost effective electric heaters currently on the market, it is also easy to setup and use.
As the name indicates, it is a poster similar to one you would hang on a wall. But, plug it in and it turns into a 300 Watt heater. The Poster Heater isn’t designed to heat hallways or large rooms, but rather smaller ones like a bedroom or a baby’s nursery or a dressing room.
It uses radiant heating, which means that it heats up in a couple of minutes and the heat is directed at the objects or people around it, quickly taking the chill out of the air and providing a comfortable ambient temperature.
The other advantage of radiant heating is that it doesn’t dry out the air like infrared or gas heaters. Users also don’t have to worry about their children or pets getting too close to it because, even though it gets hot, it can be touched.
To enter the competition follow the steps below:
Competition entry details:
3. The competition closes on 31 July 2018.
4. Winners will be notified via Twitter on 1 August and Takealot.com will be in touch to organise delivery.
5. The competition is only open to South African residents.
Deezer to host Hotstix’s Mandela tribute playlist
Deezer is celebrating Nelson Mandela on the centenary of his birthday by hosting a tribute playlist created by music legend Sipho “Hotstix” Mabuse.
Mabuse, a legendary figure in African music, first rose to prominence in the 1970s with his band Harari and later developed a name for himself as a solo artist. One of his best known songs was the global hit BurnOut in the 1980s.
The playlist takes the listener on a captivating musical journey through the life of Nelson Mandela. It was compiled by Mabuse, who consulted with Mandela’s family and friends to ensure that the music would be relevant and accurate. The playlist also features commentary by Mabuse, which was recorded in his Soweto home.
“I have tried to tell the story of the music that Madiba loved,” says Mabuse. “The Playlist excludes the time in prison obviously, as Madiba would not have had exposure to music in that time. We have focused on the music we know he loved before and after that period. This recording was really an emotional journey for me, but an incredible opportunity to document these memories.”
The playlist features the music the young Mandela loved, such as The Manhattan Brothers, Solomon Linda, Brenda Fassie and Miriam Makeba. It includes struggle songs from Chicco, Johnny Clegg, Hugh Masekela and Yvonne Chaka Chaka. The playlist also includes Mandela by Zahara, one of the younger artists who caught Madiba’s ear.
Mabuse also offers stories of his own songs, such as Shikisha, a song greatly beloved by the former President.
“I was delighted to share my thoughts and hope the listeners enjoyed the musical journey,” says Mabuse. “Madiba did enjoy music immensely and we all have a purpose wherever we are in the world to celebrate culture and to learn from different cultures and music forms and styles.”
This playlist was inspired by the Nelson Mandela 100 campaign, calling on corporates and individuals to act as sources of inspiration and engage in conversation and action.