Rising Cyber Threats in South Africa
According to Interpol’s African Cyberthreat Assessment Report for 2024, the continent is facing a surge in cyberattacks. Ransomware, catfishing, and sextortion scams are emerging as significant threats to individuals and organisations alike. The situation is alarming, and it requires immediate attention and proactive measures to safeguard against potential risks.
Key findings, as published by My Broadband, from these reports include:
- The average ransom paid by companies in South Africa alone was reported to be R17.9 million in 2023, as revealed by Sophos’ State of Ransomware in South Africa report.
- In 2023, there was an estimated 23% year-on-year increase in the average number of weekly cyberattacks.
- Check Point’s research indicates that one out of every 15 firms in Africa experienced a ransomware attempt every week during the first quarter of 2023.
- Kaspersky, as quoted by Interpol, detected over 300 attempted ransomware attacks in South Africa in a single day in 2023, underscoring the severity and scale of the threat.
- Other scams on the rise include romance scams, cryptocurrency investment fraud and email fraud.
Interpol identified the following as the top five Business Email Compromise (BEC) modus operandi across African countries:
- Data theft
- Account compromise or system breaches
- CEO impersonation
- Government, law enforcement, or attorney impersonation
- Bogus invoice schemes
Cybercriminals are becoming increasingly sophisticated and relentless in their pursuit of financial gain and sensitive information.
As your trusted insurance provider, we are committed to helping you navigate these challenges and mitigate the risks associated with cyber threats. We strongly urge you to take proactive steps to enhance your cybersecurity posture, including:
- Implementing robust security measures such as firewalls, antivirus software, and intrusion detection systems.
- Conducting regular security assessments and audits to identify vulnerabilities and weaknesses in your systems.
- Educating your employees about cybersecurity best practices, including how to recognise and respond to suspicious emails or messages.
- Establishing clear protocols for handling sensitive data and conducting financial transactions securely.
- Staying informed about the latest threats and trends in the cybersecurity landscape.
