1. CYBER CRIME
Matthew Purchase

2. Cyber crime Encompasses a broad range of crimes
Not focusing on consumer cyber crime
Focus primarily on two aspects
Data-breach
Cyber-attack

3. Data Breach Not limited to theft of data Perpetrators motivation
Methods employed
Accidental Data Breaches

4. Trends Explosion of data Prevalence of Cybercrime
27.4% annual increase
Speed of innovation and rising cost
Ponemon 2017 Cost of Cyber Crime study

5. Trends: Cost
Ponemon Institute Cost of Cybercrime Study 2017

6. Trends: Prevalence
8.8 Million South Africans were victims of Cyber Crime 2015/2016
67% of South Africans report experiencing Cyber Crime (48% Global average)
Cyber Crime is estimated to cost the South African economy in excess of R3 Billion Rand ($242 Million)
Source: Norton Cyber Security Insights Report 2016

7. Retirement Funds
Repositories of PII
Large data volumes
Legacy systems

8. Risks Financial Loss (Direct, claims, extortion) Regulatory Sanction
Reputational Loss
Business/Operational data loss
Operational downtime / system damage

9. Risks
Ponemon: 2017 Cost Of Cyber Crime Study

10. Addressing Risk Risk Assessment Appropriate Policies and Procedures
Cyber Breach Response Plan
Access to Experts
Data Breach Insurance

11. Response Plan 1/2 Activate Incident Response Team
Establish privileged reporting and communications channels
Establish nature of the breach
Engage internal / external forensics team

12. Response Plan 2/2 Isolate effected areas Secure evidence
Consider Notification obligations
Conduct Interviews
Remedial Procedures

13. Conclusion Risk of Cyber Crime is significant and increasing annually
Must be considered by boards as part of their risk management responsibilities
Proactive and proportional response, based on cyber crime risk assessment

14. THANK YOU