SA businesses alarmingly affected by Cybercrime

18 Apr

Cybercrime is something that has been on the radar of IT security experts for quite some time now. This type of crime presents itself in a variety of ways and can be carried out for various reasons, which include monetary gain, pushing an alternative viewpoint or even causing disruption to competitor businesses. It can even go as far as industrial espionage or trying to overthrow government offices. To say that modern cybercrime is “complex” is an understatement.

It’s astonishing to realise, that even though the majority of the business world is well-aware of cybercrime and the types of threats out there, so many still fall victim to it. On a daily basis, malware and cyber-attacks are experienced by hundreds of businesses.

One frustrating fact for experts in the field is that many attacks aren’t reported, which makes documented statistics lacking in terms of reliability. This also makes it hard to create real solutions for the threats and risks being faced.

Today’s cybercriminal is resourceful and highly effective

Cloud computing, mobile connectivity and the IoT only make the tasks of cybercriminals easier. You might prefer to believe that South Africa is excluded from the disturbing global stats, especially when they claim that daily attacks take down organisations and cause them to lose millions. According to the SABRIC (SA Banking Risk Information Centre), South Africa loses on average, R1 billion annually to cybercrime. And this amount is expected to increase at a rapid pace over the next few years.

Interesting facts about cybercrime and SA businesses

  • 32 % of businesses in SA have experienced cybercrime
  • The “bring your own device” or “bring your own application” is one of the biggest culprits of cybercrime to the SA business environment
  • Whaling is becoming a popular form of cybercrime in SA. This is phishing aimed at executives high up in the chain of command. The objective of whaling is to get these execs to reveal sensitive information in terms of access credentials, finances and personnel and customer details by means of clever social engineering cons.
  • Incorrect data storage, access controls and sharing of data is also a major cause of cybercrime in the business environment in SA. Backups done to the cloud must be encrypted and each user must be assigned limits and allowances in order to control who can and cannot access sensitive data.

In a world where cybercrime seems to be forever on the rise, it’s obvious that SA businesses need to start realising that they too are affected. If your business has not recently taken a look at its cyber security strategy and systems, now is the time! For safe, secure and affordable encrypted online data backup services, check out our business packages at Soteria Cloud today.

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