Cyber-attacks are increasingly becoming more and more sophisticated, and the magnitude of their impact across all industries globally is at an all-time high. A number of reports in the last two years revealed that the BRICS economies (Brazil, Russia, India, China and South Africa) were found to be amongst the largest victims of cybercrime. According to VM Advisory*, South Africa is listed as one of the ten globally most vulnerable countries to cyberattacks.
While all organizations are potential targets of cyber-attacks, the industries which possess the most valuable data are the biggest targets, as well as all organisations that possess valuable information assets. The modus operandi of most successful cybercriminals is to breach a system, stay hidden in the back-end, and study the organisation and its network for weeks, or even months, before striking.
Market analysis on Cybercrime outlined the 2018 trends seen in cybersecurity:
- Blurring of cyber threat actors
- Rise of Business Email Compromise (BEC) attacks
- Growth of spear-phishing email attacks
- Expansion of ransomware attacks
- Exploitation of supply chain network based cyber attacks
- Recognition that regulatory compliance with cybersecurity industry standards does not ensure real data security
- Higher cost of cyber data breaches = higher cyber liability insurance premiums
- Increasingly complex cybersecurity regulatory landscape
- Shortage of experienced cybersecurity professionals
- Cyber-attack fatigue/ burn-out is affecting cybersecurity investments
Many successful cybergangs model themselves on legitimate businesses in that they have a corporate structure led by a CEO type figure. By making use of various specialties such as intrusion specialists, experts at transforming network beachheads into permanently compromised systems and data miners, among others. Cybergangs can operate from…
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Read this article by Graham Croock, Director, BDO South Africa IT Advisory and Cyber Lab, as well as a host of other topical management articles written by professionals, consultants and academics in the December/January 2018/19 edition of BusinessBrief.
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