10 ways to navigate the cybersecurity minefield in 2024: A critical imperative for South African businesses

Sep 26, 2024 11:35:21 AM

"Ransomware attacks have become more sophisticated, with 78% of South African businesses experiencing such an attack in the past year, according to a survey by Mimecast."

10 ways to navigate the cybersecurity minefield in 2024: A critical imperative for South African businesses

By Kevin Wotshela, Managing Director of Magix Cybersecurity

The landscape of digital protection for businesses in South Africa is fraught with complexities and challenges. As technology evolves, so do the threats that jeopardise business data and systems' integrity, confidentiality, and availability.

Here we delve into the key cybersecurity challenges South African businesses must confront and the necessary actions to navigate this risky terrain.

1. Rising cybercrime rates

South Africa has experienced a staggering rise in cybercrime, with the South African Banking Risk Information Centre (SABRIC) reporting a 33% increase in cyberattacks in 2023. This alarming trend is expected to persist into 2024, underscoring the urgency for businesses to enhance their cybersecurity measures.

The increasing frequency of cyber incidents makes it clear that reactive approaches are no longer sufficient; proactive strategies are essential.

2. Sophisticated ransomware attacks

Ransomware attacks have become more sophisticated, with 78% of South African businesses experiencing such an attack in the past year, according to a survey by Mimecast. The advent of double extortion tactics, where attackers encrypt data and threaten to release sensitive information, adds a new layer of complexity.

Businesses must adopt comprehensive ransomware defences, including regular data backups and advanced threat detection systems.

3. Insufficient cybersecurity budgets

A significant obstacle to robust cybersecurity is the underfunding of initiatives. Statistics reveal that only 46% of South African businesses increased their cybersecurity budgets in the last year despite escalating threats. This financial shortfall leaves many organisations vulnerable.

Allocating adequate resources to cybersecurity is not merely an option but a necessity for safeguarding business operations.

4. Shortage of skilled cybersecurity professionals

Skilled cybersecurity professionals are a critical issue in South Africa. The International Information System Security Certification Consortium (ISC)² reports a gap of over 30 000 professionals in the country. This shortage impairs businesses' ability to mount effective defences against cyber threats.

Investing in cybersecurity education and training is vital to bridging this gap and fortifying the nation's cyber defences.

5. Compliance with data protection regulations

The Protection of Personal Information Act (POPIA) enforcement presents another formidable challenge. Compliance is non-negotiable to avoid hefty fines and reputational damage. However, a survey by ITWeb indicates that 40% of South African businesses are still not fully compliant.

Businesses must prioritise compliance efforts to safeguard personal data and maintain consumer trust.

6. Increased remote work vulnerabilities

The shift to remote work, accelerated by the COVID-19 pandemic, continues to expose new vulnerabilities. Businesses must secure remote access points and ensure employees adhere to cybersecurity best practices. A report by Kaspersky highlights that 62% of remote workers in South Africa have not received adequate cybersecurity training.

Continuous education and robust remote work policies are essential to mitigate these risks.

7. Supply chain attacks

Supply chain attacks have surged, with Accenture reporting a 42% increase in 2023. These attacks target less secure supply chain elements, potentially compromising the entire network.

Extending cybersecurity efforts to third-party vendors and partners is crucial to prevent breaches and ensure comprehensive security.

8. Advanced Persistent Threats (APTs)

Advanced Persistent Threats (APTs) are sophisticated, long-term cyber threats often orchestrated by state actors or organised crime groups. South Africa has been identified as a target, particularly in the financial sector. The Financial Sector Conduct Authority (FSCA) has noted increased APT activities targeting financial institutions.

Businesses must implement advanced threat detection and response systems to counter these insidious threats.

9. IoT vulnerabilities

The proliferation of Internet of Things (IoT) devices introduces new security challenges. Many IoT devices lack robust security features, making them easy targets for hackers.

Businesses utilising IoT technology must enforce stringent security measures to protect against potential breaches and ensure the integrity of their systems.

10. Phishing and social engineering attacks

Despite increased awareness, phishing remains one of the most common attack vectors. According to a report by Deloitte, 85% of South African businesses reported falling victim to phishing attacks in the past year.

These attacks often exploit human error, emphasising the necessity for continuous employee training and awareness programmess.

Conclusion

The cybersecurity landscape for South African businesses in 2024 is undoubtedly challenging. However, by acknowledging the critical nature of these cybersecurity threats and taking proactive measures, businesses can protect their assets and maintain customer trust.

Kevin Wotshela is the Managing Director of Magix Cybersecurity