"Day Zero" is coming for the card payment industry, and South Africans making card and online payments need to be as vigilant about their data security as they are about their physical safety. "Data breaches are inevitable," Andrew Henwood, CEO of global cybersecurity firm Foregenix, told delegates at a payment card security conference in Cape Town last week. He says a significant uptick in cybercrime was recorded around the world over the past two quarters. A 2016 Nielsen study calculated that global fraud would top $31-billion (about R374-billion) this year. Fraudulent card payments are expected to amount to more than R234-million this year, and if all electronic payments are included, the bill rises to a formidable R2.6-billion, the Payment Card Industry Security Standards Council Middle East and Africa Forum in Cape Town was told. Steve Marshall, of UK forensics firm Risk-X, acknowledges that the cost of implementing better security could be a stumbling block for small merchants...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.