Public hearings were heard on the Cybercrimes and Cybersecurity Bill on 13 and 14 September 2017.
The South African Banking Risk Information Centre (SABRIC) spoke about the expensive damage that cybercrime causes.
According to SABRIC, cybercrime is a consequence of a lack of cybersecurity and most attacks are still focused on targeting individuals. It used the example of the worldwide 'Wannacry" cyber attack in May 2017. It crippled more than 300 000 computers and demanded a ransom payment to fix each computer.
SABRIC talked about the devastating effects of cybercrime on the South African banking sector and showed that from January to June 2017, there was over 150 000 incidents to the value of R350 million.
SABRIC cautioned against over-regulation and made a case for collaboration between the state and the private sector, as well as international collaboration.
See meeting report here and infographic below for more: