If the South African financial industry can learn one thing from Experian's 2020 data breach, it is this: human fallibility is still the weakest link in the fight against cyberattacks.
By using standard social engineering techniques simply asking the right question at the right time the 2020 Experian fraudster, posing as a client, gained access to 24 million individual personal records, as well as confidential financial information for almost 800,000 companies.
Similarly, 2020’s Twitter data breach saw of hundreds of high-profile accounts breached, similarly achieved with one simple phone call to an unsuspecting technician.
Quite literally, data breaches are becoming a costly illustration of the old axiom ‘loose lips sink ships’ where manipulating human nature and exploiting human emotion can have dire consequences.
Whether it’s in the form of a low-tech phone call and traditional phishing email or a more sophisticated malware and ransomware invasion via non-reputable applications and uncertified websites on unsecured networks, the holes are getting easier to open and the attacks more difficult to spot.
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