Interpol recently revealed that cybercrime, specifically ransomware incidents, cost the South African economy up to 1% of the country’s GDP, while the Council for Scientific and Industrial Research estimated the loss at R2.2-billion a year.
At the end of last year it was revealed that South Africa was hit by 2679 reported cyber attacks in the past two years, but that only 83 were passed to the National Prosecuting Authority (NPA) because of capacity constraints, with a shortage of more than 150 cybercrime detectives.
This paints a grim picture for South African businesses who clearly need to do all they can to protect themselves.
However, cybercrime is not treated urgently enough by many businesses in this country. Here’s a look at the state of the nation regarding cybercrime and how businesses could improve their prospects of remaining protected:
Lack of awareness and proactive measures
Despite alarming headlines about the cost of cybercrime, or high-profile ransomware cases that make the news, there’s just not enough awareness about how serious the problem is, or just how close to home it is.
Many South African businesses are more focused on day-to-day operations, or even survival, rather than investing in proactive cybersecurity measures.
This is because many businesses operate under the illusion that they are safe. They have a false sense of security that emanates from relying on basic digital hygiene such as passwords and biometric recognition to access their devices.
There is most definitely a need for more businesses to understand the extent to which their data and activities are being accessed, exploited and shared, even through seemingly innocuous actions like connecting to public Wi-Fi networks.
The facts are clear and unambiguous. In a global environment where cybercrime is surging, and where South Africa is an open playing field for criminals, there absolutely needs to be an investment in proactive and agile cybersecurity measures.
Artificial intelligence (AI)’s impact on cybersecurity
Cybercriminals aren’t just people who wake up one morning and decide to take a chance to find a quick win. There are highly organised cartels of criminals who use increasingly sophisticated means to achieve their goals.
Cybercriminals are increasingly leveraging generative AI to create highly sophisticated phishing attacks. They are using AI to exploit vulnerabilities in South African businesses.
AI is making it easier for attackers to target business insiders to gain access to systems – giving them the ability to get right through basic security measures like passwords or facial recognition. It is a huge threat, and compared to their counterparts in other markets and regions of the world, local businesses often lack the necessary cybersecurity awareness and infrastructure to detect and respond – in time – to AI-powered attacks. AI can, and should, be leveraged as a defence against these sophisticated attacks.
Cybercriminals are exploiting South African vulnerabilities
By way of example, a local business that was hosting its customer systems on a local internet service provider suffered a major performance degradation as a result of cyber attacks.
What the business didn’t anticipate, when hosting with the ISP, was the relentless hacker bot attacks on the ISPs infrastructure, which then severely impacted the business’s own operations.
This shows that criminals are specifically choosing to target South African businesses and their supporting infrastructure.
South Africa’s banking and financial services industry is highly competitive and innovative, and ironically, this has put a target on the backs of businesses in these sectors. Innovation is prime real estate for cybercriminals who seek to exploit the latest technologies and data-driven business models.
The attack that’s detected too late
Cybercriminals are professionals at what they do. If they always kicked down the front door and made a noisy entrance they’d be easier to detect.
A growing trend is where the initial attack occurs a long time, sometimes months, before the actual ransomware event.
This makes it extremely difficult for businesses to recover their data – even with robust backup systems. The wake-up call for local businesses is that these sophisticated, long-term attacks are particularly prevalent in the South African context where many businesses just don’t have the necessary security infrastructure to detect and respond to attacks in a timely manner. Criminals know this, so they play the waiting game.
The need for more education and awareness
The first big education job needs to happen at an executive level. South African business decision-makers need to become acutely aware of the state of the cybersecurity landscape, and just how vulnerable their businesses really are. This is critical to avoid businesses carrying on as usual under the illusion of security.
South African employees, too, have shown themselves to be easily tricked into providing sensitive information or granting access to systems, even in the face of basic security measures.
Factor generative AI that can make attacks seem more believable than ever before, and the problem is compounded. Yet, organisations tend to rely on the trustworthiness of their employees and the perceived safety of their devices.
South Africa plays in the same digital arena as the rest of the world, but South African businesses are not exposed to the same level of awareness and education as in other regions.
Attacks that could be thwarted easily in other markets, are often successful on these shores. This makes us an attractive target.
The need for a holistic cybersecurity strategy
One would never find a physical business with valuable and sought-after stock in South Africa protected only by burglar bars, an alarm system and solid security gate. The same should be true for cybersecurity. It needs to cover all the bases.
Businesses need a platform with comprehensive security solutions, 24/7 support, and rapid detection and response capabilities.
Furthermore, the best cybersecurity solutions are brand agnostic, meaning they can integrate with a wide range of existing security infrastructure and devices.
Not being tied to particular vendors offers businesses the freedom to develop more comprehensive strategies.
Lastly, businesses would do well to seek out platforms and partners that provide advisory services and tailored solutions that address their specific vulnerabilities.
A holistic cybersecurity strategy is non-negotiable in an environment where criminals hide deep in a world we can’t see, yet they need to be detected and stopped in time.
