Information system security vulnerabilities: Implications for South African financial firms in Cape Town
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Date
2023
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Publisher
University of the Western Cape
Abstract
Cybersecurity is the collection of tools, policies, security concepts, security safeguards, guidelines, risk management approaches, actions, training, best practices, assurance, and technologies that can be used to protect the cyber environment and organisation and user’s assets. According to the Utica University (2020) the rate of cybercrimes has grown exponentially and is consistent with the growth of technology. Additionally, due to the global Corona Virus Disease-2019 (COVID-19) pandemic, the cybercrime rate rose exponentially; The Interpol (2023) states that with organisations and businesses rapidly deploying remote systems and networks to support staff working from home, criminals are also taking advantage of increased security vulnerabilities to steal data, generate profits and cause disruption. Cybersecurity has become significant nationally, not only within companies, but also within societies. This study analysed the factors that contribute to information systems security vulnerabilities in South African financial institutions; with the focus to addressing areas such as cybercrime, investments in cybersecurity and challenges, as well as the preparedness of organisations to address cybercrime. The study adopted an interpretivist approach, hence the use of a qualitative methodology. Microsoft Teams-based interviews were used to collect data from financial institutions’ participants; these were recorded and analysed using thematic analysis method.
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Keywords
Cybersecurity, Cybercrime, South African financial firms, Information systems security vulnerabilities