South African banks hit by online attacks

The South African Banking Risk Information Centre (Sabric) says that the banking industry has been hit by a wave of ransom-driven Distributed Denial of Service (DDoS) attacks.

In a statement on Friday (25 October), Sabric said that the attacks have primarily focused on various public-facing services across multiple banks.

“These attacks started with a ransom note which was delivered via email to both unattended as well as staff email addresses, all of which were publicly available,” it said.

“Threat intelligence which has surfaced has revealed that this is a multi-jurisdictional attack with entities from several countries being targeted and should therefore not be viewed as a targeted attack on South African companies only,”it said.

Sabric said that these DDoS attacks do not involve hacking or a data breach and therefore no customer data is at risk.

It does, however, involve increased traffic on networks necessary to access public-facing services. This may cause minor disruption, it said.

It added that a number of defensive strategies have been invoked across the industry and that customer impact should be kept to a minimum.

“Despite our Banks preparedness and resilience, we will continue to monitor this situation very closely and respond as required,” says SABRIC acting CEO, Susan Potgieter.

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South African banks hit by online attacks