Cybersecurity Risks in Automation Technologies for the Future of Work in South Africa’s Digital Banking Sector

Abstract

The rapid adoption of automation technologies is transforming South Africa’s digital banking sector, enhancing efficiency and customer experience. However, this digital transformation introduces significant cybersecurity risks that threaten financial institutions, customers, and regulatory frameworks. This study investigated the cybersecurity risks associated with automation technologies in digital banking and their implications for the future of work. Grounded in the NIST Risk Management Framework and ISO 27005, the research employed a qualitative methodology, gathering data through semi-structured interviews with IT managers in digital banks. The findings highlighted key cybersecurity threats, including phishing, malware, ransomware, and insider attacks, exacerbated by automation technologies. Additionally, the study revealed that digital transformation is widening the cybersecurity skills gap, necessitating targeted upskilling initiatives. To mitigate these risks, South Africa’s digital banking industry must adopt proactive cybersecurity measures, invest in workforce training, and implement robust risk management frameworks. The study concluded that while automation technologies offer immense potential, their secure integration is critical for the resilience and sustainability of the banking sector in the digital age.