This is according to Ryan van de Coolwijk of ITOO Special Risks, who spoke to Channel Africa on Monday about the rising threat and its implications for local companies.
Alarmingly, recent figures show that one in every 15 African organisations experienced a ransomware attempt each week during the first quarter of 2023, higher than the global average.
Van de Coolwijk explained that cybercriminals have evolved their tactics, moving from simply encrypting data to threatening to leak sensitive information unless paid.
“Hackers are now targeting company data itself,” said Van de Coolwijk. “Instead of just encrypting it, they’re holding businesses to ransom over the threat of public exposure, creating serious reputational risks.”
He pointed to tough economic conditions and rapid technological change as contributing factors. “People are looking for ways to make a living, and many companies are struggling to keep up with evolving cybersecurity measures,” he said.
Van de Coolwijk highlighted that SA businesses are particularly vulnerable, partly due to a false sense of security. “There’s a perception that we’re immune to these threats because they’re underreported locally, unlike in Europe or the United States where such breaches regularly make headlines,” he noted.
The impact of ransomware attacks extends beyond financial loss. Companies face damage to brand trust, potential intellectual property theft, and compromised customer data. “We’ve seen organisations lose clients after data leaks. Staff morale also plummets, and in some cases, executives needed PTSD treatment,” he revealed.
However, Van de Coolwijk said there are practical measures businesses can take to protect themselves. These include strong password policies, multi-factor authentication, up-to-date antivirus protection, regular patching of software, and secure data backups.
“Most importantly, end-user awareness training is key,” he emphasised. “Educating employees to spot suspicious activity is vital because often, people are the weakest link.”
--ChannelAfrica--
