.svg)
.svg)
.svg)
By Kevin Wotshela, Managing Director, Magix Security
Small and medium-sized enterprises (SMEs) are estimated to contribute 40% towards South Africa’s GDP, making them vital in growing the local economy. Many of them thrive by operating online relying heavily on safe and secure digital infrastructures for inventory management, online transactions, and customer interaction. While lucrative, upcoming periods like Black Friday and the festive season puts SMEs at risk of becoming prime targets for cybercriminals.
A cyber-attack can be a crippling blow to any businesses, leading to reputational damage, loss of customer trust, operational difficulties and financial losses. Still, many small businesses, who cannot afford robust cybersecurity systems, rely on basic IT infrastructure lacking the tools or systems to detect and respond to attacks.
To manage these challenges, Magix Managing Director, Kevin Wotshela shares this essential guide to cyber threats, what steps to take if you suspect an attack, and how to avoid falling victim to cybercrime in the future.
Ways hackers can ruin your Black Friday
Black Friday's frenzy and a surge in online transactions create a perfect storm for cyber-attacks. Understanding the key tactics employed by hackers is the first step in proactively safeguarding against them.
- Phishing attacks: Cybercriminals often use phishing emails to deceive employees into revealing sensitive information, such as passwords or financial data. These attacks can lead to data breaches and financial losses.
- Ransomware: This type of malware encrypts a business's data, demanding a ransom for its release. SMEs are particularly vulnerable due to their limited resources to invest in sophisticated cybersecurity measures.
- Data breaches: With increasing amounts of customer data being collected, SMEs face the risk of data breaches, which can lead to reputational damage and legal consequences.
- Insider threats: Employees, whether malicious or negligent, can pose significant risks to data security. Small businesses often lack the infrastructure to monitor and mitigate such threats effectively.
- DDoS attacks: Distributed Denial of Service (DDoS) attacks can overwhelm a small business online presence, leading to service disruptions that can be particularly damaging during peak sales periods.
