How Businesses Can Stay Safe from Cybersecurity Threats in 2024

29 Sep 2024

In 2024, cyber threats are rapidly increasing worldwide, and South Africa is no exception. Many businesses still focus heavily on physical security, but digital threats, including phishing and ransomware attacks, pose equally serious dangers. Cybercriminals use tactics like phishing to trick individuals into sharing sensitive information such as usernames, passwords, and One Time Passwords (OTPs). Criminals often disguise their attacks through seemingly legitimate emails from trusted institutions, like banks, directing victims to fake websites where their personal data is stolen.

As companies face these growing threats, especially small to medium enterprises (SMEs), it’s essential to understand the risks and implement basic cybersecurity practices. Even if your business does not have high-end cybersecurity measures, following these steps can protect your operations and safeguard your data.

The Cybersecurity Threat Environment

Cybercriminals continuously adapt and use technologies like Artificial Intelligence (AI) to bolster their attack strategies, making it easier to target vulnerable businesses. In South Africa, SMEs are often the primary targets due to limited cybersecurity expertise and resources, making them susceptible to phishing, malware, and unpatched systems.

South Africa ranks 59th out of 93 countries on the National Cyber Security Index, with a cybersafety score of 57.71 for 2023. This places the country in the same bracket as developing nations like Costa Rica and Bangladesh. A notable reminder of how severe cyber threats can be is the 2013 breach of the South African Police Service by the hacker group Anonymous, which exposed 16,000 whistleblowers and victims details.

South African businesses experience 577 cyber-attacks per hour, according to recent reports, costing the country R2.2 billion annually.

How to Protect Your Business

1.Employee Awareness and Training

Cybersecurity starts with employee education. Phishing is one of the most common ways attackers gain access to sensitive information, making it essential that staff can recognise suspicious emails and avoid clicking on dangerous links. Regular training and reminders are critical.

2.Use Multi-Layered Security

Implementing basic security measures like firewalls, antivirus software, and intrusion detection systems can provide multiple layers of protection. Managed Detection and Response (MDR) services also help monitor and mitigate potential threats.

3.Backup Your Data

Ransomware attacks can lock you out of critical systems. Regular data backups, stored securely off-site, can allow you to restore your systems without paying a ransom.

4.Keep Your Software Updated

Many attacks exploit vulnerabilities in outdated software. Ensure all programs, systems, and devices are updated with the latest security patches to close off potential entry points.

5.Use Two-Factor Authentication (2FA)

2FA provides an extra layer of protection, making it more difficult for cybercriminals to access systems even if they obtain login credentials through phishing.

6.Partner with Experts

Given the cybersecurity skills gap, outsourcing to Managed Security Service Providers (MSSPs) can offer expert guidance and around-the-clock protection through services like security audits and threat monitoring.

7.Encrypt Your Data

Sensitive data should always be encrypted to prevent unauthorised access, even if it is intercepted.

8.Cyber Insurance

Even with the best defenses, breaches can happen. Cyber insurance can help cover costs such as legal fees, recovery efforts, and potential fines.

9.Strengthen Password Policies

Weak passwords make it easy for attackers to infiltrate systems. Encourage employees to use strong, unique passwords and provide password management tools for better security.

Why Cybersecurity Matters for All Businesses

It’s important to remember that cyberattacks are not just a concern for large corporations. SMEs are frequently targeted because they often lack the resources for robust cybersecurity defenses. Additionally, small businesses can serve as access points for attackers targeting larger companies.

A cyber breach can lead to revenue losses, data theft, legal liabilities, and damage to your business’s reputation. No business can afford to ignore the importance of a solid cybersecurity strategy in 2024. By taking the necessary steps, you can better safeguard your company and protect against the growing number of digital threats.

Sources: My Broadband, Mail&Guardian, IT Web, Liquid Intelligent Technologies, Sage, SABRIC