The South African Reserve Bank (SARB) has poured cold water on reports of an attempted cyberattack on its network infrastructure four months ago, saying the attempted hack was nowhere near successful.
The Cape Argus that cybercriminals attempted to hack the SARB on August 12, and the FBI took it upon itself to notify oblivious law enforcement authorities that the bank was under a cyberattack.
Finance Minister Enoch Godongwana revealed this when he spoke at an SA Local Government Association (Salga) event in the Eastern Cape late last month.
However, in response to a barrage of media questions today, the SARB said the attempted hack had no impact on its systems.
The SARB had previously not publicly disclosed the matter but had reported it to the National Treasury and other security agencies.
“The SARB received information about a possible breach in August, from both state agencies and private cybersecurity service providers,” it said in an emailed response.
“We acted in accordance with our protocols, and there was no impact on our systems and our operations.”
The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial conditions, which World War I had brought.
Its primary objective is to protect the value of the currency, in the interest of balanced and sustainable economic growth in the Republic.
A successful hack of the SARB systems could possibly bring the financial system to its knees as the central bank also regulates all commercial and investment banks in the country.
Godongwana delivered off-the-cuff closing remarks in isiXhosa at the Salga event, slating the domestic security cluster for failing to pick up the attempted hack until it was informed by the FBI.
“On August 12, the SA Reserve Bank was hacked. They saw it themselves. Our own security cluster didn't see it. The FBI in America phones the Hawks and says: ‘Your bank is being hacked,’” he said.
“Do you see how exposed we are in this nation, and yet we criticise you (municipalities) as if we're better at national level?”
Responding to requests for comment, Godongwana’s spokesperson Mfuneko Toyana said the Treasury had received information from the SARB, about the attempted hack, as per normal reporting practice.
“The minister of finance, in accordance with the constitutional practice of receiving operational updates from the bank, was informed of the attempted breach of the SARB’s computer systems and that there was no impact on the SARB’s systems or operations.”
In October, former finance minister Tito Mboweni’s bank account was hacked and R19 000 withdrawn. The bank reimbursed him.
BUSINESS REPORT