African countries must establish robust safety barriers: Kganyago
Reserve Bank Governor Lesetja Kganyago says African nations must urgently establish robust guardrails amid concerns that the next global financial crash could be sparked by a major cyberattack.
He delivered a keynote address at the 3rd Mapunguwe Institute for Strategic Reflection Forum on Africa and geopolitics.
Kganyago says if not tackled adequately, this will lead to unprecedented economic disruptions and supply shocks.
He says, “Just a few days ago, we learned that an open AI system had hacked into an Australian government website, perhaps the first known incident of an AI autonomous infiltrating a sovereign facility, but the risks in my domain are undoubtedly severe, ranging from cyber security to asset price bubbles”
Kganyago adds, “Imagine a swarm of super-smart and tireless agents hacking into South Africa’s payment system or a big financial firm. This is why experts think the next financial crisis may well come from a cyberattack.”