Cyber threats to take note of in 2020
As more companies open up to the possibilities of digital transformation, advanced risk is, unfortunately, a by-product. Over the past several years, cyber threats have become smarter, more agile and creative. If the right security protocols aren’t followed, any company is at risk, irrespective of size.
As the Internet makes it possible for more companies to employ remote workers across the world, data management is also under severe scrutiny. It is in the best interest of companies (not to mention consumers) to acknowledge cyber security threats and make considerable efforts to protect data or suffer the consequences. According to a study by IBM, a single data breach could cost a company an average of R36.5 million, a devastating loss that could echo for years to come and require millions more to rebuild consumer trust.
What can we expect going forward?
Threats are becoming more complex and targeted, and companies and individuals should continuously stay abreast of what is happening.
- Phishing: E-mails that are seemingly sent from reputable companies are set to increase in the year ahead. Hackers will aim bigger and strategise clever angles in order to be successful in their approach. Smishing (through SMS) vishing (through live calls) and spear-phishing (through video calls) are also set to increase during the year ahead.
- Malware: Malware attacks in SA are increasing at a rapid pace. Attacks in the first quarter of 2019 increased by 22% compared to 2018. Mimecast's Threat Intelligence Report released late last year found an increase in “straightforward” malware e-mails as it is easier and more successful to launch simpler attacks more frequently. According to Business2Community, a new ransomware attack (malware that encrypts data and holds companies/individuals ransom) takes place every 14 seconds.
- Mobile: A large percentage of mobile apps are fraudulent and these are set to increase in the year ahead. In February more than 4 400 attacks in SA were disguised as dating apps.
What should we do?
- Put cyber risk high up on the agenda: Companies need to move away from a reactive cyber crime culture to a proactive one. Potential risks should always be high up on the agenda and taken very seriously.
- Train and educate: Hackers are hyper-intelligent and will go to great lengths to trick your employees and customers. Every person in your company with access to data should, therefore, be trained and kept educated on any new trends and threats. It is also important to regularly remind your customers that you will never ask them to disclose delicate information.
- Be more vigilant: Protecting your company from vulnerabilities isn’t a once-off approach. It should be constant. This means employing security specialists with expertise in the field, investing in advanced security measures, teaming up with the best hosting company, encrypting your domain, creating incident response plans and performing daily backups.
Issued by Domains
Johannesburg, 25 Feb 2020
