The session, focusing on the theme ‘Cybercrime Self-Defence,’ was sponsored by Emerald Africa and accredited by the Insurance Institute of South Africa (IISA) for 1 FAIS CPD hour. Attendees gained valuable insights into the evolving cyber threat landscape and strategies to safeguard their businesses and personal data.
Understanding the digital threats
Cybersecurity expert Craig Rosewarne, Managing Director of Wolfpack Information Risk, led an engaging and insightful session, shedding light on the African cyber threat landscape and the increasing risks professionals in the financial and insurance industries face.
Craig provided a comprehensive analysis of cybercrime trends, emphasising the growing sophistication of cyber attackers, from state-sponsored hackers to lone-wolf threat actors. He underscored how cybercriminals exploit vulnerabilities, manipulate human psychology, and leverage cutting-edge technology to execute attacks.
The session was structured to provide practical knowledge and interactive discussions, covering:
• Cybercrime self-defence – practical strategies to recognise and mitigate cyber threats effectively.
• Cybersecurity in the insurance sector – addressing industry-specific risks, such as business email compromise (BEC), phishing, ransomware, and regulatory compliance issues.
• Interactive engagement – participants engaged in real-world scenario discussions, posed questions to Craig, and received actionable cybersecurity advice.
Key takeaways from the session
Craig highlighted the alarming state of cybercrime, revealing that Africa experiences the highest average weekly cyberattacks per organisation (2,372), followed by APAC (2,133), while Latin America saw a 20% decrease in attacks. Financial motives dominate cyber threats, with organised crime being the primary threat actor. Cybercriminal activity is high in Russia (WCI: 58.39), Ukraine (36.44), and China (27.86), while the USA (25.01) and Nigeria (21.28) also rank significantly.
Among the top emerging threats in cybersecurity, Craig emphasised:
• Cybercrime as a Service (CaaS) – a growing underground market where criminals sell hacking tools, malware, and attack services, making cyberattacks more accessible to non-technical criminals.
• Insider threats – employees or third parties misusing their access, whether intentionally or accidentally, to steal data, sabotage systems, or enable cyberattacks.
• Medical device hacking – the exploitation of vulnerabilities in healthcare technologies, such as pacemakers or hospital equipment, compromising patient safety and sensitive medical data.
Real-world cybercrime cases & threat awareness
One of the highlights of the session was the real-life cybercrime case studies, demonstrating how quickly professionals can fall victim to cyber threats:
• A finance manager unknowingly authorising a $25M fraudulent transaction due to an advanced deepfake scam impersonating his CFO.
• Romance scams and sextortion, where victims are emotionally manipulated into sharing sensitive information.
• Phishing & social engineering, illustrating how cybercriminals use fake emails, phone calls (vishing), and QR code scams (qishing) to steal personal and financial data.
• CEO fraud – cybercriminals masquerading as company executives to manipulate employees into wiring funds or disclosing confidential information.
• AI-powered cyber threats – the increasing use of artificial intelligence in crafting sophisticated scams, deepfakes, and automated attacks.
Craig emphasised the importance of proactive cybersecurity, urging attendees to take personal responsibility for their digital safety. He reinforced that cybersecurity is not just about protecting data but safeguarding businesses, reputations, and personal privacy.
The three-layer cyber defence approach
Craig introduced an essential cybersecurity framework:
1. IDENTIFY – Recognise cyber threats and red flags before they lead to a security breach. Rally the team – ensure all levels are actively represented.
2. SECURE – Implement proactive security measures, including multi-factor authentication (MFA), data encryption, and strong passwords. Properly understand your company’s governance, risk, and compliance (GRC) requirements.
3. RESPOND – Develop an incident response plan to ensure swift action in the event of a cyberattack. Maintain ongoing management of cybersecurity, privacy, and resilience.
FSCA’s role in cybersecurity and compliance
The Financial Sector Conduct Authority (FSCA) plays a crucial role in ensuring that financial service providers adhere to strict cybersecurity and compliance standards. Regulatory expectations include:
• Cybersecurity risk management – Firms must implement robust cybersecurity frameworks to protect client data and financial transactions.
• Regulatory compliance – Companies in the financial sector are required to comply with FAIS (Financial Advisory and Intermediary Services Act) and POPIA (Protection of Personal Information Act) regulations to safeguard customer information.
• Incident reporting – Firms must report cybersecurity breaches promptly to the FSCA, ensuring transparency and risk mitigation.
• CPD accreditation & professional standards – The FSCA mandates CPD requirements for financial professionals to stay updated on regulatory and cybersecurity advancements. GWII’s CPD session, accredited by IISA, aligns with these professional development standards.
• Industry impact – The FSCA continually assesses new threats and adjusts compliance measures to address evolving cyber risks, reinforcing the importance of proactive cyber defence in financial services.
A valuable learning experience
This CPD session empowered GWII members with practical tools to navigate the ever-evolving cyber landscape confidently. Attendees left with a heightened awareness of cyber risks and a stronger defence mindset to protect themselves, their organisations, and their clients.
GWII extends its gratitude to Emerald Africa for their generous sponsorship and to IISA for enabling CPD accreditation.
