SOUTH AFRICA LOSES MORE THAN 2.0 BLN RAND ANNUALLY TO INTERNET FRAUD

Information communications technology (ICT) experts here say that it has been estimated that South Africa loses more than 2.0 billion Rand (about 144 million US dollars) to Internet fraud and phishing attacks annually.

The experts, who have gathered in Johannesburg to discuss the state of online safety, have urged the government to fast-track the full implementation of laws to fight cyber-crime. The Electronic Telecommunications Act is the main legislation that South Africa uses to prosecute cyber criminals.

However, a new Cyber Crime and Security Bill is due for Cabinet approval.

The Chairperson of the National Cyber-security Advisory Council of the Telecommunications and Postal Services Department, Barend Taute, said Tuesday “(We must) take Cyber security seriously as a country. The Internet is globally seen as the growth engine for the economy. We need jobs that will grow the economy; we need to narrow the gap between the rich and poor.

“That comes from growth. But one Cyber security incident can actually have a major impact on our ability to grow.”

Source: NAM NEWS NETWORK.

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