Generative artificial intelligence (GenAI) is a growing concern for cyber security officers across the world.
However, ransomware attacks and business e-mail compromise remain the most severe cyber security threats facing South African organisations today.
This came to light during a panel discussion to unpack the findings of a Vodacom Business cyber security report, commissioned in partnership with research group Omdia.
The report – titled “Cyber security as an imperative for growth” − offers insights into the state of cyber security in SA, the importance of security frameworks in digital resilience and the most prevalent types of attacks.
The panel consisted of Johan Taute, manager of cyber defence at Vodacom Group; Lukhanyo Zahele, executive head of department for security at Vodacom Business; and Africa Analysis telecoms analyst Dobek Pater.
“In terms of what we’re seeing…GenAI is really complicating the world for us,” said Taute. “People with a lower level of skills, in terms of hacking, can go onto these tools and start asking questions and craft more complicated attacks.
“Added to this, we have massive adoption of IOT [internet of things] equipment. IOT equipment that is built for a purpose, but not necessarily with cyber security in mind, that exposes your environment. It increases the attack surface of your business significantly.
“We’re also seeing concerns around what will happen when quantum computing comes into play…and trying to ensure our businesses are quantum safe.”
Taute noted ransomware continues to be a big problem. “This is not just the ransom of businesses but individuals.
“I think another thing that is complicating things and driving a lot of change in this environment is the geopolitical tension we’re witnessing all over the world now.”
Closer to home, Zahele said business e-mail compromise remains a challenge. “These are getting more and more vast and more complicated, and most companies don’t have the resources to mitigate some of these advanced attacks.”
According to the report, six out of 10 companies will not survive a ransomware attack.
This, it notes, is because today’s external cyber threat landscape is dominated by highly-organised groups, leveraging cutting-edge technology to exploit vulnerabilities.
From a cyber attack perspective, Taute pointed out that SA is targeted more than any other market in Africa. “I believe a lot of it has to do with the lack of awareness of the cyber security issues within local businesses, as well as individuals.
“Business e-mail compromise is a big issue for us right now. Even some of our smaller business partners get comprised; their e-mail servers are used to launch attacks, etc. This is something that needs a lot of attention and focus right now.”
Zahele noted: “South Africa is number five when it comes to companies with internet access. As SA and the continent move to more digitalised platforms…this is exposing more people to these types of attacks mentioned [ransomware, business e-mail compromise, etc].”
Grim picture
The report reveals that eight out of 10 surveyed South African businesses said they experienced a cyber attack in the past year, with only 32% of organisations saying cyber security training is prioritised among employees.
The cost of these attacks on businesses in SA is estimated at R2.2 billion annually, according to the South African Banking Risk Information Centre and the CSIR.
“Just as the cloud, IOT technologies and mobile networks have empowered businesses, cyber security needs to be seen as an important enabler for growth,” explained Videsha Proothveerajh, director of Vodacom Business.
The report further shows that 36% of companies are confident they can prevent a ransomware attack without significant operational disruption.
In addition, Omdia’s 2024 Cyber Security Decision-Maker Survey found that 41% of organisations globally said ransomware is in their top three security challenges. For businesses that operate in the public, health and finance sectors, ransomware attacks are some of the most prevalent.
“By prioritising cyber security, businesses can protect their reputation, maintain customer trust and ensure operational continuity,” said Proothveerajh.
Taute pointed out that organisations are under attack 24/7 whether they realise it or not. “Your estate is being monitored by botnets looking for weaknesses, and once there are weaknesses, that information is sold to brokers that resell it onto the dark web. In my opinion, it’s only a matter of time before you get attacked.
“The reality is that we are all under attack; it’s our ability to respond and stop that attack that really matters. One of the biggest things I’ve seen is that ability to stop that attack and ensure the business is safe.”
According to Zahele, cyber security is seen as an after-thought for many organisations.
He said when it comes to human awareness training, it is seen as a tick-box exercise, making this his main cyber security concern.
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