South African Reserve Bank Governor Lesetja Kganyago has warned that a major cyberattack on a financial institution or payment system could trigger the next global financial crisis. He made the remarks at the third Mapungubwe Institute for Strategic Reflection Forum on Africa and geopolitics in Johannesburg.
Cybersecurity specialist Anna Collard agrees with the warning, saying concerns over AI-driven cyber risks are shared by international organisations, including the International Monetary Fund and the Financial Stability Board.
She said the interconnected nature of financial institutions means a cyberattack affecting one organisation could have wider consequences, particularly if it undermines public confidence.
“When that trust erodes and people can just, with a touch of a button on their mobile phones, drain all their money out, that can have a really bad impact,” she said.
Collard said South Africa’s financial sector has cybersecurity requirements, but organisations must also prepare for attacks and ensure they can recover quickly.
She said artificial intelligence is adding another layer to the threat landscape by allowing vulnerabilities to be identified much faster than before.
For consumers, Collard urged people to be cautious of messages appearing to come from their banks, avoid sharing login details and use multi-factor authentication.
“Never trust anything that pretends to come from your bank that asks you for your login details,” she said.
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