Tag: target

Source: Fin24

An infamous Russian-speaking hacking group – referred to as Silence – is the likely culprit making thousands of attempts to hack major banks in sub-Saharan Africa, cybersecurity company Kaspersky Labs said on Monday.

The group is called Silence because of the silent monitoring done via their malware. They have already carried out a number of successful campaigns targeting banks and financial organisations around the globe.

According to Kaspersky, the typical scenario of an attack begins with a social engineering scheme, as attackers send a phishing e-mail that contains malware to a bank employee.

From there, the malware gets inside the banks’ security perimeter and lays low for a while, gathering information on the victim organisation by capturing screenshots and making video recordings of the day-to-day activity on the infected device.

“Once attackers are ready to take action, they activate all capabilities of the malware and cash out using, for example, ATMs. The score sometimes reaches millions of dollars,” says Kaspersky.

“The attacks detected began in the first week of January 2020 and indicated that the threat actors are about to begin the final stage of their operation and cash out the funds. To date, the attacks are ongoing and persist in targeting large banks in several SSA countries.”

Kaspersky accordingly advises financial organisations to introduce basic security awareness training for all employees so that they can better distinguish phishing attempts. Banks should also monitor activity in enterprise information systems and prepare an incident response plan to be ready for potential incidents in the network environment.

In August 2019 Kaspersky reported a cyber attack in which South Africa was apparently among 17 countries targeted by North Korean hackers, related to the activity of the so-called Lazarus group. They also targeted banks and other financial institutions.

SARS undershoots revenue target by R0.7bn

By Sunita Menon for Sunday Times

The South African Revenue Service (SARS) has undershot Treasury’s revised revenue target for 2017-18.

SARS collected R1.216-trillion for 2017-18‚ Finance Minister Nhlanhla Nene said at the announcement of the preliminary revenue results in Pretoria on Tuesday. Tax revenues amounted to R700 million‚ or 0.06%‚ short of the revised estimate announced in the February 2018 budget‚ but still represents growth of R72.4 billion or 6.3% from 2016-17.

Malusi Gigaba‚ who was finance minister at the time‚ announced in the budget in February that tax collection of R1.217-trillion was expected — up slightly from the previous estimate of R1.214-trillion but still much lower than the ambitious R1.265-trillion target announced in 2017.

Treasury still expects a R48.2-billion revenue shortfall for 2017-18‚ which it says reflects weak growth‚ administrative challenges at SARS‚ and increased tax avoidance.

Under the watch of suspended commissioner Tom Moyane‚ SARS has in recent years reported revenue shortfalls on a scale not seen since the 2008 financial crisis.

SARS collected a gross amount of R1.415-trillion in 2017-18‚ which was offset by refunds of R234.3 billion. Personal income tax contributed R462 billion‚ value-added tax (VAT) contributed R297 billion‚ company income tax contributed R220 billion and customs contributed R49 billion.

An improved trend in revenue collection in the latter part of 2017 was offset by a contraction in March‚ because of timing issues and base effects relating to bringing collections forward.

“Up until February we were right on track but the collections in March broke this‚” said SARS head of research Randall Carolissen.

Nene said: “Tax compliance is one of the key determinants of revenue collection. SARS has seen a decline in compliance.

“Ninety percent of the budget comes from revenue collections and forms the basis of our fiscal framework‚” he said.

The 2018 budget demonstrated that growth was expected to be higher and that the government had made significant changes to the fiscal framework‚ including revising the expenditure ceiling downwards‚ Nene said.

The revenue estimated for 2018-19 is R1.345-trillion‚ which represents growth of 10.3%.

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My Office News Ⓒ 2017 - Designed by A Collective


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