SevenC, a top-managed service provider in South Africa, analyses cybersecurity trends and how South African businesses can stay ahead of cyber threats.
Bringing attention to rising cyber attacks, Graeme Millar, managing director of SevenC Computing, warned, “Be it through a phishing scam, data breach, malware infection or ransomware, cyber-attacks can throw your entire business into chaos in no time. Fortunately, we’re not completely helpless against these digital threats.”
The Rise of Cyber Threats in South Africa
Cybercrime has always been a concern for both large and small businesses across South Africa. However, the threats are getting more sophisticated. Since the COVID-19 pandemic – and the widespread shift to digital operations and remote work – vulnerabilities have multiplied.
According to the South African Banking Risk Information Centre (SABRIC), cybercrime drains billions of rands from the South African economy annually.
Ransomware as a Service (RaaS)
In June of this year, South Africa’s National Health Laboratory Service (NHLS) confirmed it had been a victim of a ransomware attack. The attack significantly impacted lab results and entire sections of their system, including backup servers, were affected. Sadly, NHLS is not the only company that has been targeted by this type of attack. In fact, SEACOM states South Africa is the most targeted African country in terms of ransomware.
Ransomware as a Service (RaaS) works like a subscription service, but for cybercriminals. Instead of needing deep technical skills, attackers can simply buy or rent ready-made ransomware tools to carry out their attacks. It’s disturbingly similar to any regular software service – complete with customer support, user-friendly dashboards, and updates from the developers to keep the attacks fresh and effective. This makes it all too easy for criminals with minimal tech knowledge to jump into the ransomware game and cause serious damage.
According to a recent Cybersecurity Ventures analysis, ransomware attacks, particularly those enabled by RaaS, are expected to cost the world economy $265 billion annually by 2031. This data demonstrates how serious the issue has become.
Securing the Cloud
The reason why South African organisations are migrating to the cloud is because it offers flexibility, scalability, and cost savings. However, the cloud increases the chances of cyber-attack.
Proper cloud security requires borders protection measures such as strong access control, encryption of data, and round-the-clock surveillance.
As the trend toward hybrid cloud environments (a mix of public and private clouds) continues to grow, businesses need to ensure their data is safeguarded across all systems.
Data Privacy and Compliance: It’s the Law
Data privacy isn’t just something businesses should think about anymore- it’s a legal requirement. The introduction of the Protection of Personal Information Act (POPIA) in South Africa has brought about some guiding principles as to the ways in which companies must process personal information.
But it’s about more than just staying on the right side of the law. Protecting customer data is really about building trust. As more people become aware of their privacy rights, businesses that don’t take data protection seriously risk losing more than just money – they could lose their customers’ confidence. That’s why compliance has to be a top priority in any solid cybersecurity plan.
The Rise of Zero-Trust Architecture
The days of just trusting everyone on your network are long gone. The zero-trust paradigm takes a different approach, believing that any device, user, or software within or outside your network might pose a danger. This method constantly verifies and authenticates users, only allowing them access to what they need.
The Skills Gap in Cyber Security
There is a large demand for cyber security specialists, but not nearly enough qualified candidates.
To address this imbalance, companies have to train and develop existing personnel and collaborate with educational institutions to produce a new generation of cybersecurity specialists.
5 Ways for South African Businesses to Stay Secure
Now that we’ve looked at the latest trends, the big question is: how can South African businesses prepare for what’s to come?
1. Invest In The Newest Technologies
Accept emerging technologies like AI, machine learning, and automation. These solutions give real-time analytics, allowing your firm to spot threats early and react rapidly before thieves exploit holes. According to Accenture‘s 2023 report, AI-powered cybersecurity solutions may cut incident response times by 12%, enabling organisations to better manage risks.
2. Prioritise Staff Training
IBM’s Cyber Security Intelligence Index notes human error is responsible for 95% of all cybersecurity breaches. Teach your employees how to identify phishing attempts, develop strong passwords, and follow cybersecurity best practices.
3. Implement Multilayer Security
Research shows implementing multi-layered security measures are 40% less likely to have a serious data breach. A multi-layered solution includes firewalls, intrusion detection systems, encryption, and regular vulnerability patching. If one layer fails, the others act as a backup.
4. Create A Response Plan
Breaches may occur regardless of how strong your fortifications are. What matters is how you respond. According to the Ponemon Institute, companies with a well-tested response plan save an average of $1.2 million from data breaches.
5. Call In The Professionals
Cybersecurity Insiders 2022 Report reveal organisations that employ MSPs for cybersecurity have 35% fewer challenges than those that handle everything internally. By engaging a managed IT solution like SevenC, your business is guaranteed that its IT operations are constantly monitored.
Final Thoughts
By adopting the latest trends in technology, actively promoting the ideas of information security and at the same time following the rules dictated by the legal environment, South African businesses can safe guard their future in the digital era. SevenC – with our specialised services and commitment to client success – can protect your business from cyber threats. Contact us today for more information