It’s become almost commonplace to read about hacking incidents, where clients’ personal information is accessed through cyberattacks on companies, banks and government institutions.
Some of the most recent data breaches involved big players like Pick n Pay and Standard Bank.
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So, what happens or could happen to our data if it’s been stolen by cybercriminals?
Stephen Grootes gets an illuminating in-studio demonstration from Loyiso Boyce, CEO of cybersecurity company Clyrofor SA, who did some online research on the dark web and made printouts.
“Note how complex this web address is… I needed to do prep work for this interview because these sites disappear and come online randomly. You just need to know where to find them, and when.”
The site that Boyce is on shows a market quite similar to the legit online shops people frequent.
“You can log in and you can purchase credit cards, identity documents… all kinds of things, depending on the quality of the information.”
Should the buyer be wanting a credit card for instance, the price would depend on the value of that card, the level of service provided by the site, and also the region of the world it operates in.
Grootes draws a parallel with “normal” ecommerce sites, saying he could be buying clothes and wanting ten pairs of socks, as a comparison:
“It’s got x 10 cards with credit ranging from $1 000 to $5 000, all sold out! I can buy one now for $350, or bitcoin…”
Boyce points to a South African bank being used:
“It basically depends on what you’re looking for, and look what I shared with you there – I’m not going to mention names, but there is a local bank.”
The cybersecurity expert adds that it’s not always necessarily credit card information that is being stolen.
“What they are looking for is OUR information, so that they can create fake identities and then be able to apply for somebody’s credit cards or debit cards or gift cards with that info.”
Boyce also discusses what usually happens with attempted extortion in the case of either corporates or individuals – take a listen in the interview audio at the top of the article.
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