BCP – Business Continuity Plan

The Importance of Having a Solid Business Continuity Plan

South African businesses are operating in an increasingly risky online environment, yet almost half of them still don’t have a Business Continuity Plan (BCP) in place.

In the age of rising cyberattacks and social engineering scams, the risk of downtime has never been greater.

Your business simply can’t operate without a comprehensive plan in place to rescue your operations in the wake of an online attack. Here’s what business owners need to know about business continuity.

What is a BCP and what should it include?

A business continuity plan is more than a checklist for emergencies. It’s a structured roadmap that ensures critical operations can continue, even when normal conditions are disrupted.

Whether you’re managing a manufacturing plant, retail chain, or financial services firm, a BCP identifies essential functions, assigns responsibilities, and sets out clear steps to recover quickly after an incident.

Cybersecurity now occupies a key position in continuity planning.

Recent media reports suggest that South African businesses face an average of 2 113 cyberattacks per week, a 14% year-on-year increase.
The fallout from these attacks can cripple operations, lock up data, and erode trust in a matter of hours.

For many businesses, efforts to prevent and recover from cyberattacks have been slowed down by infrastructure and skills gaps. A recent report notes that vulnerabilities in internal systems, combined with instability from hybrid work environments, leave many firms exposed to prolonged outages following a breach.

Even more concerning is the fact that more than 60% of small businesses that suffer a cyberattack without having a BCP in place will close within six months.

For smaller companies, recovery often depends on whether data has been properly backed up and whether incident-response plans have been tested in advance.

A strong BCP needs to integrate cybersecurity resilience from the ground up. This includes backup and recovery protocols, real-time threat monitoring, and regular testing.

Given that only 5% of South African organisations are fully prepared to defend their data against today’s AI-driven cyberattacks, few businesses are likely to maintain continuity after a serious breach.

Beyond risk mitigation, continuity planning builds trust. Clients, partners, and regulators increasingly expect assurance that their data is protected and that your business can withstand disruption without exposing them to risk.

At Soteria, we place a big premium on the overall data defences of your business. That’s why we integrate Acronis Cyber Protect Cloud into every client’s BCP. Here are some of the benefits:

Backup & Recovery: Keep your critical data safe with both local and cloud storage.
Disaster Recovery (DR): data failover to the cloud or Azure in just minutes.
Cybersecurity: Protect against ransomware, malware, and phishing before they cause major losses.
Management & Monitoring: One console for backups, security, and DR helps simplify your continuity strategy.

By combining practical recovery strategies with robust cybersecurity measures, companies can safeguard operations, protect their reputation, and maintain confidence even when disruptions strike.

Create a comprehensive business continuity plan with secure cloud storage

Don’t wait for a crisis to test your resilience. Create your business continuity plan today and make cybersecurity the foundation of it. Click the button below to learn more about Cyber Protect Cloud.

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Adidas Third Party Data Breach – Hacking

Adidas Data Breach: The Growing Cybersecurity Threat in South Africa

Adidas, the popular global sportswear brand, has confirmed a cyberattack that compromised customer data in the local SA market.

While the company has stated that no passwords or financial data were affected, the incident is causing alarm bells to ring once again about digital security and the vulnerability of major brands to cyber threats.

Cyberattack Confirmed: Adidas acts with transparency as details unfold

The South African division of Adidas acknowledged the attack in May, noting that the data breach was discovered after suspicious activity was detected on systems operated by a vendor.

Although the exact number of affected customers has not yet been disclosed, the brand is working with cybersecurity experts to assess the full impact and mitigate potential fallout.

The breach, which is still under investigation, reportedly stems from a third-party service provider and has exposed sensitive customer information such as names, email addresses, phone numbers, and dates of birth. According to Adidas, the ‘good news’ was that no credit card details or financial information was stolen.

This incident adds to a growing list of high-profile data breaches affecting South African consumers although it’s worth noting that the Adidas breach wasn’t simply a one country data breach. The first reports came out of Turkey in early May, then South Korea and then South Africa.

In 2023 alone, reported cyber incidents in the country more than tripled from the previous year, jumping from 500 to over 1 700 breaches.
Companies such as JD Group and TransUnion have also been targeted, with customer records numbering in the hundreds of thousands being exposed or ransomed.

Some cybersecurity analysts believe that the Adidas breach highlights a persistent weak point in many corporate cybersecurity frameworks: third-party vendors. These partners often have access to sensitive systems but may lack the same level of defence or oversight, providing an entry point for attackers.

Cybersecurity weak links along the supply chain create vulnerabilities

As cybercrime becomes increasingly organised in the age of AI, even well-resourced companies can find themselves vulnerable if every part of the supply chain isn’t secure.

Although Adidas acted swiftly to contain the breach, it raises questions about the preparedness of global companies operating in SA where cybersecurity standards and enforcement mechanisms may vary.

With the Protection of Personal Information Act (POPIA) now in full effect, affected organisations could face regulatory scrutiny and fines extending to millions of Rands if it is found that reasonable preventative measures were not in place.

Unfortunately, many businesses still don’t have a definitive idea about what cybersecurity measures are needed to safeguard client data.

MDR gives you peace of mind in a risky digital landscape

As data breaches like the one affecting Adidas become both more frequent and damaging in terms of finances and reputation, secure cloud storage offers your business a powerful line of defense.

Our Managed Detection and Response (MDR) service provides 24/7 threat monitoring, real-time alerting, expert-led triage, and integrated recovery through a fully managed SOC.
This service supports endpoint protection, incident investigation, automated rollback, and compliance reporting.
MSR is scalable across clients and reduces overheads by consolidating cybersecurity, data protection, and risk management into one platform with advanced threat intelligence.

Click here to learn more about MDR or contact us to see how we can work with you to tailor a data protection strategy that can help to secure your company and client information today.

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MTN Group Reports Ransomware Attack: Customer Data Compromised

MTN Group, Africa’s largest telecommunications provider, has experienced a significant cybersecurity breach in April. The incident, which led to unauthorised access to the personal information of customers in more than one market, is the latest in a series of cyber incidents at major companies across the country.

Despite the breach, MTN confirmed that its core infrastructure, including network, billing, and financial systems, remained secure and fully operational. Here are the full details of the breach and what businesses can learn from MTN’s response.

How the Breach Happened

Though MTN is a household name in SA, the cyberattack actually resulted in the compromise of customer data beyond our borders, with approximately 5 700 MTN Ghana customers being affected.

An unknown third party claimed responsibility for the breach and demanded a ransom for the release of the stolen data – a classic MO for cyberattacks of this kind.

At the time of publishing this update MTN had not disclosed the ransom amount, citing the ongoing investigation, and has also neither confirmed nor denied that paying the ransom is a strategy currently under consideration.

Did MTN Respond Appropriately?

MTN’s reaction in the hours and days following this attack is a good example of proactive cybersecurity response and the benefits of risk mitigation.

After discovering the breach, MTN activated its cybersecurity response protocols and altered law enforcement agencies such as the South African Police Service (SAPS) and the Hawks.
This is the recommended course of action for any business dealing with a major cyber incident.
The company also notified relevant authorities in affected countries and is in the process of informing impacted customers, adhering to local legal and regulatory requirements. As above, this is the approach favoured by cybersecurity experts: placing customer privacy and data first.

MTN joins a long list of prominent cybersecurity victims across the country

This incident is not the first of its kind, nor will it be the last, but it once again highlights the growing threat of ransomware attacks in the telecommunications sector.

Earlier in 2025, Cell C, confirmed a data breach linked to a ransomware attack by the RansomHouse group. Unlike the anonymous MTN incident, this attack was carried out by a notorious cybercrime network with the intention of adding Cell C to their list of high profile victims.

The ripple effects of cyberattacks have againbextended beyond telecoms to other essential services, including the travel industry. In May, South African Airways (SAA) suffered a major cyber incident that disrupted access to its website, mobile app, and key operational systems. The breach, which began over a weekend, significantly impacted customer services and internal processes, highlighting the broad-reaching consequences of digital vulnerabilities across sectors.

Whether hackers strike stealthily or make a show of their ability to penetrate digital defences, the increasing frequency of attacks like these underscores the need for robust cybersecurity measures across the industry and the economy as a whole.

Secure your company data with us

While MTN’s swift response ensured the protection of its core systems, the breach of customer data raises concerns about data privacy and the evolving cyber threats facing telecom and other industry operators.

This incident serves as a reminder for companies to continuously assess and strengthen their cybersecurity frameworks to safeguard against future attacks.

To protect your business and clients’ critical data you need an integrated approach to cyber protection. Soteria Cloud offers an advanced backup package with secure managed cloud backup paired with Acronis Cyber Protect for the ultimate in data protection.

To learn more about our packages and how they can keep your files safe and encrypted in the cloud, click the button below.

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Cloud Misconfiguration Pitfalls | Data Breaches

Faulty Cloud Misconfiguration and Other Technical Errors

As the number of cyberattacks affecting South African businesses continues to soar, many IT specialists are coming to the realisation that it’s not only cybercriminals, but also faulty configurations and other technical errors that are to blame for data loss incidents.

It’s not uncommon for these technical errors to come to the fore in the aftermath of a cyberattack when the steps leading up to the incident are analysed. Unfortunately, by then it’s often too late.

Instead, we advocate a proactive approach, whereby companies study the most common configurations that have resulted in data loss at other businesses, and close as many loopholes as possible to avoid a similar fate.

In this article, we highlight some of the most common configuration mistakes that companies make, and how to correct them and pair these efforts with secure cloud storage before an incident occurs.

Unrestricted Ports and Services

Open ports are an open-door invitation for criminals to help themselves to your valuable data. Fortunately, resolving this issue is usually quite simple and provides a huge security boost without a large time or financial investment.

Leaving unnecessary ports open can provide attackers with entry points into cloud environments.
Misconfigurations that result in unrestricted access to services can be exploited, leading to unauthorised data access or system compromise.

Excessive Permissions

Setting appropriate permission levels for team members can help prevent your data from falling into the wrong hands—even within the organisation.

Multi-factor authentication ensures that only authorised users are able to access your network.
Taking it a step further by assigning data and knowledge permissions only to those whose title and rank justify it is equally important.

Lack of Encryption

Failing to encrypt data at rest and in transit can expose it to interception and unauthorised access. Implementing robust encryption protocols is essential to protect data integrity and confidentiality.

Despite the rise in cyberattacks, a surprisingly large number of companies still do not have proper encryption protocols in place.
This is especially dangerous for data that resides on file systems and user devices but has not yet been backed up in the cloud.

Migrating to a cloud-based storage solution that places virtually all newly created files in the cloud—using the latest data encryption technology—can help close security gaps and ensure that the most recent versions of important files are safe and accessible in the event of a cyberattack.

Consequences of Cloud Misconfigurations

The fallout from cloud misconfigurations can be severe, leading to financial, reputational, and legal damage to your business. Several high-profile cyberattacks have cost businesses millions in recent years.

On the global stage, American telecommunications giant AT&T agreed to pay $13 million to settle an investigation by the Federal Communications Commission (FCC) concerning a data breach that occurred due to a cloud vendor’s misconfiguration.

Closer to home, a report released in late 2024 indicates that companies in South Africa lost in excess of R350 million in the biggest data breaches of recent years. With the likes of

With Experian, Pam Golding estate agency, and several government agencies all having fallen prey to cybercriminals – and the Information Regulator warning that basic cyber safety measures, including security configurations, have not been taken in many cases—the potential risk of misconfigurations can’t be overstated.

The Importance of Regular Security Audits

Conducting regular security audits is vital to identify and rectify misconfigurations before they can be exploited. These audits should include:

Configuration Reviews: Frequently assessing cloud configurations to ensure compliance with security best practices, and making this part of company policy, can help detect weaknesses before they escalate.
Access Controls Evaluation: It’s essential to verify that access permissions are appropriately assigned, in line with “least privilege” allocations.
Vulnerability Scanning: Automated tools that detect vulnerabilities and misconfigurations within the cloud environment can save time and significantly reduce risk.
Incident Response Planning: A cybercrime response plan will help ensure that swift action can be taken in the event of a data compromise incident.
Secure Cloud Storage: Fully encrypted storage offers the ability to restore compromised data, even in a worst-case scenario.

Add an Essential Layer of Protection to Your Data with Secure Cloud Storage

Tightening your security configuration practices to make your data harder to access is a vital online safety measure — but it must be complemented by secure cloud storage to be truly effective.

Our range of data defence products for businesses of all sizes will help secure your data at a time when hackers are ramping up their criminal actions. Secure your data with us today.

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Estate Agency Data Breach – Cloud Backup Solutions

A Credit Bureau, an Estate Agency, and a Web of Cybercrime Intrigue

One of the country’s most prestigious real estate companies obtaining leaked customer information from the Experian data breach reads like a work of fiction. Yet this bizarre possibility is playing out in the media right now, with all parties involved scrambling to limit the damage to their reputations.

Real Estate Agency Pam Golding has been associated with luxury real estate in South Africa for decades, with the company successfully crafting a brand centred around exclusivity and the highest standards.

However, a recent data incident concerning the company’s contact database is shining an uncomfortable spotlight on this well-known estate agent’s network and its potentially bizarre connection to last year’s Experian data leak.

Did property giant Pam Golding obtain information from a data leak?

One of SA’s best known companies’ handling of sensitive information was publicly brought into question recently when a cybersecurity researcher noticed a strange pattern of data ownership regarding their own email address.

The researcher, who is extremely careful when it comes to online privacy, used a catch-all email address with various aliases when entering their information online – a practice that’s worth emulating in your own personal and business dealings.

So far, there’s nothing surprising in the story – until you find out what happened next: the individual discovered that their email address had been compromised after Pam Golding revealed that a large chunk of its database had been subject to unauthorised access earlier this year, apparently due to stolen credentials.

The perplexing aspect of this incident was that the individual had never provided Pam Golding with the alias email address they usually use online.
On further inspection, they discovered that the realtor had also sent them a direct marketing email several months prior, once again to the same address that had never been voluntarily provided. However, the same address had been part of the Experian data breach that affected millions of customers across the country.

The awkward question that arises from all of this is: how did Pam Golding come to possess this email address, and how many other people’s personal information does the company currently hold without their knowledge?

As cybersecurity experts, we can think of two possible explanations for what happened:

Pam Golding somehow obtained leaked personal information from the Experian data breach last year, or
Experian provided them with this information through official – if not legitimate – means.

As a reputable and large business, which is very much a household name across South Africa and even in neighbouring markets like Mauritius, it’s hard to imagine Pam Golding skimming the dark net for opportunities to buy leaked Experian data.

The far more likely explanation is that Experian has been sharing the personal details of credit customers from its database with third parties for a fee. As such, it’s more plausible that Experian, and not Pam Golding, has serious questions to answer regarding the protection of personal data privacy.

Are credit bureaus doing a side trade in confidential client information?

The allegation that credit bureaus sometimes sell confidential information to other businesses may be disturbing but it’s not new. Dominic White, one of the country’s foremost cybersecurity experts, has been speculating for years that this is the case.

Without accusing either organisation of wrongdoing, it’s not a far stretch to assume that something of this nature might have happened in a case like this.

Pam Golding declines to comment, citing POPI regulations

The media has reacted with an understandable measure of alarm in the wake of the Pam Golding and Experian accusations, and to date the real estate group has been tight-lipped about the details of the incident. It must be mentioned however, that Pam Golding took immediate steps to contain the breach, acting swiftly to secure their systems and removing all unauthorised access.

In an ironic twist, Pam Golding maintains that they’re unable to comment on any aspect of their clients’ data in order to remain in compliance with the Protection of Personal Information Act.

This, despite the fact that obtaining sensitive customer information from a third party without the owner’s permission could likely constitute a breach of the Act itself.

Whatever the outcome of this embarrassing incident may be, the lesson for all businesses is clear: consumers are no longer willing to tolerate the mishandling of their personal information, and when companies are suspected of acting irregularly, the incident is likely to become highly publicised and do damage to their reputation.

Protect your data and your business reputation today

If this incident has given you cause for thought as to the best practices to follow in your own business when handling client information, we’d like to support you in creating a comprehensive data security approach that protects not only your information, but that of your clients.

Our range of secure cloud storage packages, particularly our Total Data Protection offering, can help ensure that all customer information is kept safe and help you comply fully with POPIA. Click the button below to learn more.

SASSA Vulnerabilities Report – Cybercrime

SA Social Security Agency Releases Report on Large-Scale Cybersecurity Breach

The South African Social Security Agency (SASSA) has released an in-depth report following a large-scale breach of its cyber defences last year which is alleged to have cost taxpayers an estimated R175 million.

The findings raise serious questions about the cybersecurity protocols in place at government departments and suggest several key areas for improvement.

While the cyberattack on SASSA was significant, it was not unique. With organisations of all sizes increasingly falling prey to hackers and cybercriminals, the report offers valuable lessons that every organisation can implement.

Let’s take a closer look at what happened, what the investigation uncovered, and how businesses can use this information to keep their own data safe.

Large-Scale Cybersecurity Breach Detected by University Students

When hackers breached SASSA’s defences, they helped themselves to an enormous sum of money which was ultimately financed by South African taxpayers. The hacking group N4ughtySecGroup, which claimed responsibility, alleged that the amount stolen exceeds R175 million.

A troubling revelation for commentators and the public is that the breach wasn’t detected by the department itself. In fact it was first-year computer science students Joel Cedras and Veer Gosai from Stellenbosch University who stumbled upon it while working on a research project.

In the wake of their discovery, SASSA launched an investigation, with cybersecurity specialist Stanly Machote and auditing firm Masegare & Associates tasked with uncovering how such a critical security failure had occurred.

The report, recently presented to Parliament, outlines the modus operandi of those responsible, though their identities remain classified.

The hackers exploited vulnerabilities in the Social Relief of Distress (SRD) grant system, which was introduced during the COVID-19 lockdown as a R350-per-month survival grant.
The government later extended these payments as a form of universal basic income for struggling families. Unfortunately, due to the sheer volume of applicants, authorities appear to have been unable to track exactly who was receiving SRD payments or whether the recipients were legitimate.

In analysing how, when, and why the SRD system was compromised, the report commissioned by SASSA outlines the following vulnerabilities in the department’s security infrastructure:

API vulnerabilities – No rate limiting allowed mass querying of ID numbers, exposing application statuses.
Data exposure & fraud risks – Sensitive applicant details were accessible, and high application rates suggested possible identity misuse.
Unauthorised applications & payments – Grants were linked to ID numbers of non-applicants, raising misallocation concerns.
Unofficial websites & phishing threats – Fake sites collected personal data, leading to financial loss and compliance risks.
Authentication & phone-related risks – Multiple applications per number, SIM swap fraud, and inadequate cellphone ownership validation increased fraud potential.
Encryption & security weaknesses – Poor encryption, missing security headers, and weak content security policies left data vulnerable.
System & server vulnerabilities – Weak portal security, misconfigurations, directory enumeration risks, and unencrypted communications exposed the system to attacks.

For tech experts, this list reads like a how-not-to guide for cybersecurity, highlighting just how much SASSA’s lack of basic security protocols contributed to the breach. A reliance on old technology made the system an easy target for cybercriminals.

The report’s bottom line recommendations are clear: a serious overhaul of the department’s cybersecurity framework is long overdue.

The Lesson for Businesses: Don’t Repeat SASSA’s Mistakes

It’s easy to criticise the government’s lack of cyber preparedness and see it as yet another example of inefficiency, but the reality is that many businesses- both large and small- suffer from similar vulnerabilities.

A full-scale cybersecurity audit may sound expensive, but for larger businesses storing vast amounts of sensitive client data, it could be a necessity rather than a luxury.
No matter the size of your business, one of the most cost-effective ways to strengthen cybersecurity is through secure cloud storage, fully integrated across all the applications your team relies on.

To learn more about our range of data security products, including our comprehensive Total Data Protection (TDP) System, visit our website today.

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Crowdstrike Outage Downs Windows – Technology

CrowdStrike Error Causes Chaos Globally

The world suffered one of its biggest IT failures on record in July, as a single line of code in the CrowdStrike software update caused Windows computers around the world to freeze and display the “blue screen of death”.

The glitch in an update from the cybersecurity provider based in Austin, Texas was a rare but dramatic example of just how badly things can go wrong when technology fails.

Flights grounded, ICUs paralysed

The extent to which every process in modern society hinges on technology was on full display on July 19th as the faulty update caused airlines around the world to ground flights.

In addition, hospitals in several countries were forced to reschedule surgeries and even ICU procedures since the computers controlling these critical processes were frozen and unusable.

The update caused a logical error which caused Microsoft Windows computers to malfunction, switching them over to the blue screen – an outcome that no systems engineer ever wants to encounter.

Unfortunately, scenes like this were played out around the world as critical computer systems remained temporarily frozen.

Capitec suffers day-long outagec

South Africa was largely spared the dramatic effects of the CrowdStrike incident, with the JSE issuing a notice stating that the FTSE indices were not updating. One of the big insurance companies was also affected as well as a major player in the banking industry that saw its systems remain off-line for most of the day.

Capitec’s ATM network, as well as its online banking facilities were non-functional, with customers unable to withdraw or transfer funds.

After several hours of technical intervention, the bank’s IT team was able to restore functionality to the network, but many customers turned to social media to express their frustration about the outage. They also expressed concerns about the bank’s ability to manage their money safely.

The media hasn’t reported any financial losses as a result of the outage but it’s safe to assume that Capitec may suffer some reputational damage as a result. This incident underscores the potential for IT failures and cyberattacks to undermine the reputation of any business and highlights the importance of securing data with encrypted backup.

How to respond in the wake of a major tech failure

When a large, unexpected IT failure takes place, there are two major priorities for any IT manager or CIO: restoring functionality as soon as possible and recovering sensitive data to ensure business continuity.

The first of these objectives may be in the hands of third-party providers like Microsoft or CrowdStrike, but the safety of sensitive company data falls 100% in your company’s area of responsibility.
Secure cloud storage is the only solution that guarantees data safety in the event of an unexpected failure or cyberattack – especially one at the scale seen on July 19.

Effective and professional communication to clients also remains a priority during any outage in order to preserve trust and mitigate reputational damage. If this recent failure has you worried about your company’s important client data, investing in secure storage could be the best thing you do for your business this year.

Soteria’s range of cloud storage packages – using immutable encryption – is the best place to start. Browse our range of packages for businesses of all sizes today.

Hidden Costs of Cyberattacks – Cybersecurity

Measuring the Hidden Costs of Cyberattacks on SMEs

Cyberattacks cost businesses around the world over $8 trillion in financial losses last year, but behind the dramatic headlines about costs that can be measured in Rands and cents is a hidden story of reputational damage and loss of credibility that can cost businesses a fortune in the long-term.

In this article we delve into the unstated losses that come in the wake of a cyberattack, study some common vulnerabilities, and find out how you can protect your business from the huge damage that hackers can do by breaching your data security.

Hidden Cost 1: Customer Confidence

One of the most valuable aspects of any brand is the confidence that customers place in the business and the word of mouth recommendations and positive online advocacy that this leads to.

On the flipside, however, once customers lose confidence in your business – especially if their personal data is stolen during a cyberattack – you need a comprehensive strategy to win back their trust or suffer reputational damage as a consequence.

It’s hard to quantify the exact amount that your business may lose as a result of declining customer confidence, but suffice to say that lost sales, a drop in referrals, and even online boycotts are all possible if your business suffers a major data leak or breach.

For some companies, the damage could run into millions or result in a major loss of business.

Hidden Cost 2: IP Theft

Intellectual property is becoming increasingly valuable with conceptual products accounting for 40% of US GDP in 2023.

Your confidential business plans or product prototypes falling into the wrong hands in a cyberattack could mean that your business could lose a competitive advantage, especially in the realm of manufacturing.

Copycat producers in countries with weak intellectual property laws are always waiting to undercut you in the market.

South African copyright and intellectual property laws are relatively strong and you’ll have a solid legal case to act against a local business that tries to copy your ideas – even if they’re stolen in a cyberattack.

Taking this type of action against a foreign business can be more tricky and certainly expensive, especially if international litigation becomes necessary.

Businesses should make sure that they’re insured against this type of outcome and that the amount of cover is sufficient to compensate them for the very real possibility of losses from IP theft.

Hidden Cost 3: Productivity Losses

Finally, a cyberattack can cause extended periods of downtime for your team as you struggle to bring your systems back online and eliminate the malware that was used in the attack.

During this time, your employees are likely to be distracted and less productive, and this could result in anything from delayed orders and invoicing to a total shutdown of operations for a week .

For some businesses, this could equate to hundreds of thousands or millions of Rand in lost productivity.

Compliance Costs: When things get very real

The cost of compliance with the PPI Act is a fact that businesses should bear in mind when it comes to cyber risk.

The Information Regulator is authorised to fine companies up to R10 million if customer information is mishandled in the event of a cyberattack. This is a very tangible amount for any business and underscores the importance of full legal compliance – no matter what size your enterprise may be.

The best way to avoid the hidden costs of cyberattacks is to make sure that your data is securely stored in encrypted form. Soteria’s range of secure storage packages for businesses provides all the data security that your enterprise needs. Visit our product page today to learn more.

Financial Impact of Cyberattacks | Cybersecurity

Quantifying the Financial Impact of a Cyberattack on SMEs – Cybersecurity

By now, most business owners who read our articles will be familiar with the financial impact that a Ransomware attack can have – and the amount of money that companies have had to pay cybercriminals to get their data back is just the tip of the iceberg.

The true cost of an online attack can be far more than the ransom demanded by hackers.

When factors like downtime, data recovery, forensics, system restoration, and potential fines from the Information Regulator are taken into account, falling prey to a cyberattack could cost your business hundreds of thousands or even millions of Rands.

In this article, we explore the financial impact of a cyberattack and provide some tips and tools for business owners to calculate the true cost.

Cyberattacks: what’s the damage?

Understanding the financial impact of a cyberattack is far easier when we consider the various costs that are involved in recovering from a crime like this.

A report from the Ponemon Instutite determined that of the 5 most vulnerable industries that experience data breaches – healthcare, financial, pharmaceutical, energy and industrial, the average cost of a breach in the healthcare industry exceeds $10,93 million (over R19 million).

In general, the cost of a cyberattack consists of the following factors:

Detection and client notification costs
Data recovery costs
Network restoration costs
The legacy costs of reputational damage and possible financial claims
Regulatory compliance fines

In the wake of a cyberattack or data breach, your business will need to jump into action.

In addition to having a cyberattack response plan so that your efforts remain calm and effective, you’ll need to quickly alert clients and anyone else whose data has been compromised and undertake the process of data recovery.

The POPI Act requires businesses to be good custodians of their clients’ data and take all possible steps to protect it before, during, and after a cybersecurity incident.

Failure to do so could result in heavy fines (capped at R10 million) or even prosecution.
Special insurance may be necessary for companies that handle vast amounts of client data should the incident be investigated by the Information Regulator.

In addition to compliance costs, expenses related to the restoration of your network can range from four to six figures depending on the size and scope of the damage.

Downtime following a cyberattack can cost your business a fortune in lost revenues and undeliverable products and services. A larger SMB or corporation may face millions of Rands in wasted productivity while its systems are down.

According to a 2023 study of hundreds of organisations, the average cost of recovery per file could amount to R2 750, which is an 8% increase from 2022. The costly consequence of a data breach can be determined by taking all of the above factors into consideration or by using one of the many “cost calculators” such as Arctic Wolf to estimate the cost to your company.

A major cyberattack could cost millions in total, but for a small monthly investment in secure cloud storage you can keep your data safe, updated, and encrypted.

Soteria’s range of cloud storage packages is the place to look if you’re serious about data security. To learn more, browse our product page or contact our team today.

Hackers and daring online scams | Cybersecurity

The Most Daring Online Scams

At Soteria we work around the clock to help companies secure their data and prevent cyberattacks, and we will be the first to say that data security is no laughing matter.

Except when it is.

Hackers may be our sworn enemies, but we have to admit that some of the tactics and tricks they use to fool internet users, including some of the smartest people in the world, can be inspired and hilarious.

In this article, we take a lighter look at the world of cybersecurity and some of the crazy lengths cybercriminals have gone to in their quest to access your crucial private data.

The first hack in history

Hacking may be the scourge of the ultra-connected 21st-century, but illegal interception of communications started over 100 years ago.

Back in 1903, the Royal Institution was getting ready to demonstrate a new telegraph technology invented by Guglielmo Marconi. Just as the demonstration was about to kick off – with the kind of excitement you’d expect from a new iPhone release back when we still cared about them – the telegraph machine suddenly sprung to life with the word “rats” being repeated over and over on the ticker tape.

Before long, a dirty poem mocking Marconi arrived over the telegraph, causing a stir in the press. When the authorities investigated, they discovered that the magician Neville Maskelyne, who had a grudge against Marconi, had managed to intercept the telegraph transmission.

This was a sign of things to come 120 years later in our own time, when hackers routinely attack unpopular public figures or execute denial of service attacks on websites that they dislike.

Ocean’s 11 – in a fish tank

The Internet of Things has brought about a situation where smart devices are connected in almost every office in the world, and some of them are so obscure that you’d never think to secure them.

Several years ago, a Las Vegas casino suffered a major data breach when hackers took control of the electronic sensors that monitor the water temperature and mineral content of one of its fish tanks. Once they gained access to the casino’s network, they were able to identify some highly sensitive unsecured data which they transmitted to Finland – a fitting location for such a fishy crime.

X marks the spot for a celebrity bitcoin scam

In 2022, when X was still known as Twitter, the company’s current CEO Elon musk was one of many internet users scammed by a cybercriminal who offered to double any amount of bitcoin that they sent to him.

Needless to say, not one of the countless number of people who fell prey to the scam got even a cent back. Then again, since Elon is estimated to have overpaid by $19 billion when he bought Twitter he probably didn’t let the loss of a few bitcoin get him down.

Jokes aside: you won’t be laughing if you’re the victim of a cyberattack

The ingenuity that cybercriminals have shown in cheating internet users out of their money is only going to get more impressive in the years to come.

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