Last month, National Treasury confirmed that it found malware on its Infrastructure Reporting Model website.
A risk strategy firm says cybersecurity is not just a technical concern, but an economic and safety imperative.
The firm was responding to the recent large-scale software hack, which impacted millions worldwide, including businesses and the National Treasury in South Africa.
Treasury attack
Last month, National Treasury confirmed that it found malware on its Infrastructure Reporting Model website, an online infrastructure reporting and monitoring system.
It said the issue was related to the recent attacks on SharePoint, a widely used web-based platform developed by Microsoft for collaboration and document management.
Commenting on the hack, Spiros Fatouros, CEO of Marsh McLennan Africa and South Africa, said emerging technologies are fuelling new vulnerabilities, with hackers using them to carry out larger and more sophisticated attacks than ever before.
“Because modern software and systems are so well integrated, one system’s weak spot can allow access to vast amounts of highly sensitive or confidential data.
“With over 400 businesses, entities, and government departments from around the world impacted by the attacks, it will take time to fully assess the extent of the breach and the types of data accessed by hackers,” he said.
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WEF golbal risks report
The World Economic Forum (WEF) 2025 Global Risks Report identified cyber risks as a major threat to economic stability.
In recognition of this, the South African government earlier this month moved to include cyber risks in its National Security Strategy.
The Global Risk Report also highlights the interconnectedness of risks, with cyber threats closely linked to geopolitical risks, supply chain disruptions, illicit activity and conflict.
Cyber risk
Fatouros said effective cyber risk management demands a multi-layered approach that includes technical defences, secure data storage, staff training and the inclusion of cybersecurity professionals from the start of any new technology project.
He said businesses must also have plans and processes in place to limit data and economic losses, reduce reputational harm and recover quickly in the event of a breach.
Microsoft issued patches for two versions of the software, noting that one, SharePoint 2016, remains vulnerable to attacks.
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