7 Biggest Cybersecurity Risks

Cybersecurity Risks and Threats

Cybersecurity is in the news lately for all the wrong reasons, and business owners in SA are joining their international counterparts in worrying about the invisible online threat that can cost companies a fortune.

Dealing with an invisible enemy means that you’ll need to be aware of the specific risks on the internet before they appear and take steps to protect your business accordingly.

In this article, we outline the biggest online threats affecting companies across the country and give you some helpful tips in preventing and dealing with them.

1. Ransomware

The first threat on our list is probably the most common type of cybercrime.

Ransomware infects your business IT network or device, takes your data hostage, and demands payment – usually in untraceable cryptocurrency – before the data is released.

  • 60% of South African organisations reported a ransomware attack in the past 12 months, a significant increase from 47% in 2020.

2. Malware

Malware is any form of malicious software specifically designed to cause disruption to a computer or network, interfering with both the user’s computer security and privacy.

One of the most common methods of spreading malware is through phishing emails where employees are tricked into clicking on links or downloading a malicious file.

3. Distributed denial of service attacks (DDoS)

This type of attack essentially locks or slows down your website by flooding it with server requests from multiple computers at once.

Once the website is down, it remains unusable until a “fee” is paid to the perpetrators, costing the business both a ransom and lost sales.

  • SEACOM released a shocking report in 2021 citing a 300% increase in denial of service attacks in Africa since 2019.

4. Trojan viruses

These invisible bits of virus software often enter your computer via suspicious email attachments or download links.

Once they’re in the system, they can corrupt your entire computer network or transmit sensitive information to cybercriminals using your Internet connection.

5. Insider threat attacks

Disgruntled employees or those who have been dismissed often have access to sensitive information, including passwords and access protocols.

If they decide to team up with hackers to infiltrate your company’s computer system, you may find that many of your usual cyber defences don’t work to repel the attack.

6. Password attacks

Simply having a password attached to your computer, email, or network login isn’t enough.

  • If hackers are able to guess or decode your password, they could have free reign of your company information – and even your internet banking.
  • Choosing a strong password and changing it frequently is an excellent strategy to reduce this risk.

7. Social engineering attacks

The people and businesses we interact with online are not always who we think they are.

  • Social engineering attacks are carried out by cybercriminals posing as clients or members of the public – and this type of attack is responsible for most data leaks in South Africa.
  • It’s essential to train your team to be highly suspicious of any unsolicited communications and maintain a strict data policy to prevent leaks and breaches triggered by third parties.

Keep your data safe and encrypted for ultimate risk management

No matter what steps you take, statistically, speaking your business may still fall victim to a cybercrime in the near future.

Even if the worst happens, having a complete backup of your important data, safe and encrypted in the cloud, will help your business to survive the attack.

To learn more, browse our range of secure cloud storage packages for businesses today.

Ransomware Attacks | Cloud Backup

Why are ransomware attacks so successful?

Ransomware has become the number one worry on the minds of IT security experts, and company owners, and it doesn’t show any signs of disappearing.

South African companies and individuals have been hit hard by cybercriminals over the past few years. The country ranked eighth in terms of ransomware attacks in 2021, with the cost of cybercrime overall exceeding R2 billion the year before.

There’s little doubt that ransomware is an extremely damaging online phenomenon, but why are ransomware attacks so successful and how can you avoid becoming the next victim?

weak defences and smart attackers: a dangerous match

Like any kind of crime, a successful ransomware attack relies on criminals bypassing your data security to gain access to your computer network.

  • As cyber defences improve, hackers get smarter and find ways of bypassing them.
  • The easiest target of all is a business that isn’t using the latest cybersecurity solutions or hasn’t updated them recently enough.
  • Cybercriminals are using advanced social engineering and exploiting vulnerabilities in companies’ online defences to break through and execute ransomware attacks.

As a business owner, you and your staff will need to be on the lookout for suspicious emails and other messages while keeping your antivirus, firewall, and secure cloud storage up to date.

There are two types of ransomware that you need to be able to spot:

  • Random penetration attempts sent to thousands of email addresses and phone numbers (these are more obvious and usually easier to spot).
  • Targeted attacks which involve hackers researching and infiltrating a specific business. These are more dangerous because they read like legitimate communications.

are you dealing with a hacking hacker or a cybercrime mastermind?

If you receive a generic email or text message that looks suspicious you probably know what to do already: delete and forget.

Messages like this are usually easy to pick up because they sound fake. Vague wording, promises that sound too good to be true like lottery winnings or other kinds of free money are signs that you’re just one of many hundreds of thousands of people who have been targeted by a hacker.

On the other hand, if you receive a message that seems to be addressed to you, and could be from a legitimate business or even someone you know, you’re less likely to think that it could be a ransomware attack.

But if it is, your data could be in jeopardy.

  • Cybercriminals have taken to researching companies and even individuals in depth to identify easy targets. If this sounds scary, it really is.
  • Your privacy may have already been invaded by cybercriminals and your details could be doing the rounds on the dark web. Usually this happens after data leaks compromise your personal information.

Keep your data safe with high-tech cloud storage

Ransomware may be all over, but you don’t need to be its latest victim.

Updating your online security, including antivirus, firewall, and secure cloud storage solutions are the best ways you can make your information harder for hackers to access,

Soteria’s range of encrypted, secure cloud storage solutions are an ideal starting point for any business or family wanting to stay safe online. Browse our range of cloud storage packages to get started.