The Reserve Bank was hacked in August, but there was no effect on its protocols or its systems and operations, says the Bank.
The Bank said this in response to a barrage of media questions after a video capturing finance minister Enoch Godongwana's statement on the state of cyber security in SA.
Speaking at the SA Local Government Association (Salga) Eastern Cape Provincial Members Assembly in November, Godongwana said the Federal Bureau of Investigation (FBI) called the Hawks to inform them the Bank was being hacked.
“The thing I want to talk about is cybersecurity. On 12 August, the SA Reserve Bank was hacked,” Godongwana said in isiXhosa.
“While they [the hackers] were busy, our very own security cluster did not see this. The FBI in America called the Hawks saying, ‘your [central] bank is being hacked’.
“Do you see how exposed we are in this nation?”
The Bank did not previously disclose the incident publicly, but reported it to the National Treasury and security agencies.
The Bank is responsible for ensuring the safety and soundness of the national payment system, and is the backbone of SA’s financial system. It is also responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting regulation of financial conditions.
The Bank regulates all commercial and investment banks in the country and a breach in the system would have dire consequences for the country.
In a statement, the Bank said: “The SARB received information about a possible breach in August from both state agencies and private cybersecurity service providers. We acted in accordance with our protocols and there was no impact on our systems and our operations.”
Cybersecurity is critical in Africa. As the ICT sector continues to grow, Africa's internet economy is expected to contribute $180bn to its overall economy by 2025, rising to $712bn by 2050.
Few African countries today have developed a national cyber security strategy or have in place cyber security and data protection regulations and laws.
According to Cybastion, a US-based company with a footprint in eight African countries, cybercrime in 2021 reduced GDPs across African countries by 10%, resulting in a $4bn loss.
“It's a hard hit for Africa, as a lack of proper cybersecurity hinders participation in the global economy, which stunts economic growth,” Cybastion president Thierry Wandji said at the US-Africa Business Forum hosted in Washington last week.
Godongwana spokesperson Mfuneko Toyana said that the attempted breach of the Bank’s computer systems had no effect on the Bank’s systems or operations.
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