Beware cyber attacks, it's only going to get worse

29 July 2019 - 08:24
By reader letter
Image: 123RF/Weerapat Kiatdumrong

The cyber attack on City Power is indeed a wake-up call for all our institutions to be prepared to absorb and defeat the scourge of cyber warfare.

Over the past four years, financial hacking wiped out $55bn in shareholder value. Experts are predicting that the next mega global financial crisis could be triggered by a breathtaking multi-pronged cyber attack. Many attacks are the direct result of human behaviour and poor management. The next major cyber assault could develop into a trillion dollar meltdown. According to reliable data, damage to global institutions cost $400bn a year. It could escalate as 4th-generation cyber attacks increase.

Hackers have broken into systems once considered impregnable, implanting Trojans and viruses into computers to make them vulnerable.

Farouk Araie, Benoni