Cybercrime is on the rise as artificial intelligence (AI), robotics and the internet continue to develop. With more businesses moving their data to the Cloud, having a robust cybercrime strategy in place is critical. Let’s take a look at the effects of a cyber threat, the types of cyber threats, and how you can protect your business against them.
Article written by Tarquin Rohlandt (Executive Head: Connectivity & Services at Liquid Intelligent Technologies)
Picture this: It’s Black Friday and it’s time to take advantage of the massive sale on your favourite online shop. You’ve been receiving emails all month in the run-up to the day and you’ve bookmarked several items that you just have to have – and their prices for one day only are ridiculously low. You open the browser, head to the store and….
You find yourself staring at a blank page. The service is unavailable. You refresh. You close the browser and reopen it. You clear your cache. You restart your modem. Rinse, repeat. Still nothing. The site is down.
If you’ve found yourself weighing up whether you should spend more on your business’ cyber security measures; the answer is YES – do it, and do it now.
Contrary to common misconception, it’s not just large multinational companies that are at risk. Any business that transacts online, stores or processes credit card data or sensitive third-party data faces significant risk. Many local SMEs have fallen victim to cyber-attacks. According to the 2022 SHA Risk Review, one in three South African SME respondents had suffered a cyber-attack as follows: malware 30%, phishing 26%, ransomware 25%, denial of service 13% and theft of funds 13%. And what’s more concerning is that 53% of SMEs that fell victim to ransomware attacks did not recover their data.
Cyber risk has become a major risk over the last few years, and today it has become a priority for many companies based on size and sector. From a regulatory standpoint, it's an area that regulators and rating agencies around the world are looking at very closely. Cyber risk is now one of the top three international barometers of corporate risk: the number of victims of major cyber-attacks has increased significantly over the past few years.
Article provided Santam
Last year, South Africa had the third highest number of cybercrime victims in the world resulting in losses of R2.2 billion. In a world of data breaches and hacks, cyber security is important for everyone with an online presence, more so for businesses with the responsibility to protect customers. The question is: who protects the businesses? This is why cybercrime insurance is a vital part of making any business future fit.
Philippa Wild, Head: Commercial Underwriting from Santam says, “With the world changing in the way it is, it is important that companies stay ready for what lies ahead. One great advantage of having cyber insurance is that it enables a business to bounce back from specified business interruptions and financial losses incurred as a result of cybercrime. Cyber insurance also helps with the practical side of getting IT experts to restore systems, recreate data and pre-empt new threats.”
Article provided by Daisy Business Solutions
Did you know that in 2020, the world’s total data created grew up to 59 million zettabytes? Imagine how much that is if one zettabyte is equal to a billion terabytes. In the age of digital information, businesses use data storage solutions to thrive. It lessens website traffic, ensuring both employees and customers experience enhanced transactions.
Are you looking for a data solution for your company? Continue reading this article to learn more about what it is and what the benefits are.
Article provided by BITM
Cyber threats are on the rise and becoming more sophisticated, which has made it increasingly complex for companies to assess or detect weaknesses and risks in their networks.
BlueVision IT Management (BITM) is a South African home-grown multinational company that helps businesses with early intervention and cyber security threat detection.
Join Jonathan Tullet (Research Manager IDC Sub-Saharan Africa) and Jaco Stoltz (CEO Startegix) as they discuss one of the top concerns for SMEs in South Africa. They talk broadly about data compliance and security.
Article provided by Santam
It goes without saying that all businesses had to adapt to a post-COVID world; not only did we have to change our operations, but also the way we protect ourselves had to evolve. The need for a digital evolution has become vital for all businesses. Many businesses in South Africa are not adequately protected against cybercrime, mainly due to a lack of information or the belief that “it won’t happen to me”. The reality is that cybercrime is real and on the increase in South Africa.