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Case Study $2$: Cybersecurity and Data Privacy Challenges at Mzansi Bank $($MBK$)$ Background: Mzansi Bank $($MBK$),$ one of the fastest$-$growing digital financial institutions in Sub$-$Saharan Africa, has leveraged technology to transform its services. With a fully digital banking experience, MBK offers online banking, mobile app services, and cutting$-$edge customer service, attracting a young, tech$-$savvy customer base. As a result, the bank handles a large volume of sensitive customer information, including personal identification details, transaction history, and financial records. In recent years, MBK has invested in digital transformation by adopting technologies like cloud computing, artificial intelligence, and big data analytics to enhance operational efficiency and personalise customer experiences. However, this digital expansion has also exposed the bank to heightened cybersecurity risks. The bank's existing cybersecurity framework is largely based on the ISO $27001$ standard. Yet, it has struggled to adapt to the rapid pace of emerging threats, especially as cyberattacks become increasingly sophisticated. The Incident: MBK recently experienced a substantial data breach, resulting in unauthorised access to the personal data of over $500,000$ customers. The breach was linked to phishing attacks that exploited employee training and authentication protocol weaknesses. The attackers bypassed single$-$factor authentication, accessing an internal system containing sensitive customer data. Following the breach, the bank faced significant regulatory scrutiny, especially concerning compliance with the Protection of Personal Information Act $($POPIA$).$ It became evident that while MBK had some data privacy measures, its policies were not updated in three years and failed to account for recent regulatory updates and best practices. Current challenges: The data breach has highlighted several vulnerabilities in MBK$$s cybersecurity posture, including: $$ Weaknesses in Identity and Access Management $($IAM$)$: With single$-$factor authentication in place, MBK has slowly adopted advanced authentication methods such as multi$-$factor authentication $($MFA$)$; $$ Outdated data privacy policies: The bank's data privacy policies have not been updated to reflect recent changes in regional regulations and emerging best practices; $$ Incident response and recovery: MBK lacks a comprehensive incident response and disaster recovery plan, hampered its ability to manage the breach effectively and limited its capacity to restore services quickly. As the bank prepares to overhaul its cybersecurity and data privacy framework, it faces the dual challenge of rebuilding customer trust and ensuring compliance with regulations. Management has called for an in$-$depth analysis to assess the current cybersecurity and data privacy landscape, with recommendations for improvements that align with industry standards,Based on the case study, identify and explain two significant cybersecurity threats that MBK faces. Discuss how these threats exploit vulnerabilities in the bank's existing security measures;