Cybercrime News
Cyber Threats on the Rise in Mining & Manufacturing Industries
Image sourced from Software ONE. Increasingly companies are looking to adopt smart technologies to optimise production and decision-making in order to create businesses of the future. However, as reliance on autonomous and digital technology grows, so too does the risk of cyber-attacks. As technologies become more interconnected, the potential cybersecurity threats and attack vectors are growing. The consequences of these threats can be severe, resulting in production and revenue losses, regulatory fines, reputational damage, as well as the shutdown of critical infrastructures. This has been further compounded by the complexities and uptake of smart systems that use advanced technologies such as machine learning and the Internet of Things (IoT). Mining, Manufacturing Under Threat Termed ‘S...
Inside the Mind of Cybercriminals – How Threat Actors Think
Cybercriminals come in many different flavours, but the majority of them are in it for one thing: financial pay-off. They want the money that comes with offering their tools or services, selling stolen data, extortion like ransomware or plain fraud. And they all have one thing in common – your organisation is on their radar. This is why, says Anna Collard, SVP Content Strategy and Evangelist at KnowBe4 Africa, it is critical to understand how cyber criminals operate, the tools they use and the approaches they take to embed robust security within the organisation. “With ransomware going rampant and victim organisations paying up to millions of U.S. dollars to the extortionists, this problem is just going to get worse. The U.S. government recently announced that ransomware is a national cybe...
Why Hospitals Are Such Lucrative Targets for Cybercriminals
Image sourced from Alpine Security. Ransomware attacks are on the rise. After a surge in remote working and with employees accessing organisational networks in ways that aren’t always perfectly secured, cybercrime has spiked over the past few months as malicious parties have taken advantage of the sudden move to life in lockdown. Opportunistic hackers have found a particularly tender target to focus on: hospitals and healthcare providers. Across Europe, hospitals are being taken down on a far too regular basis, causing IT systems to fail – sometimes with fatal consequences. Of all the industries to attack, why healthcare in particular? While all organisations suffer when cybercrime strikes, with lives at stake cybercriminals know hospitals can’t afford any downtime. This means those in the...
South African Investors Lose $3.6-Billion in Massive Crypto Scam
Image sourced from Shutterstock. AfriCrypt, a South African cryptocurrency investment company, has reportedly defrauded around $3.6-billion in investor funds after the company made claims that its trading systems had been hacked. Investors in AfriCrypt reportedly count amongst South African celebrities and other high profile individuals. In a matter of hours the staggering monetary amount, around R54-billion, seemingly disappeared without a trace on 13 April. $3.6-Billion in Stolen Cryptocurrency Shortly after claiming that its systems had been shut down by a hack, AfriCrypt’s teenage “directors”, brothers, Ameer and Raees Cajee (17 and 20, respectively) allegedly transferred all investor funds from their South African bank account before fleeing to the UK, reports Independent Media. AfriC...
Broken Endpoints in Your Organisation’s Cybersecurity: The Role of Superior Endpoint Detection
Stefan van de Giessen, General Manager: Cybersecurity at Networks Unlimited. Networks Unlimited is applying a ‘broken window, broken business’ principle when looking at an organisation’s internal cybersecurity posture, in order to have a positive effect on its business processes. The moral of the ‘broken window’ story, which has been studied by psychologists, is that once a window in a building is broken, people then feel that they are able to damage the property even further, and ultimately loot and steal from it, with impunity. “When we put this into a cybersecurity context,” says Stefan van de Giessen, General Manager: Cybersecurity at Networks Unlimited, “this means, in essence, making sure that you have no ‘broken windows’ or gaps in your security through which uninvited elements coul...
IoT is One of Medicine’s Biggest Tools – Also Its Weakest Security Link
Image sourced from HP Consultant. /* custom css */ .tdi_4_0e2.td-a-rec-img{ text-align: left; }.tdi_4_0e2.td-a-rec-img img{ margin: 0 auto 0 0; } Healthcare has always been on the cutting edge, with hospitals and healthcare providers typically quick to embrace any innovation that will translate into better, more efficient, more affordable care. From microscopic pill cameras and implantable devices to laser surgery and advanced monitoring techniques, medical technology is all about creating the best possible patient outcome. But when it comes to the latest wave of innovative products, powered by always-on, always-connected internet of things (IoT) technology, there are growing concerns that security issues may eventually harm medical institutions or the patients themselves. /* custom css */...
Is Cybersecurity as Necessary as Electricity?
Sourced from Travellers Cybersecurity has become as much a business necessity as having electricity says South African financial services and insurance company, Sanlam. Threat actors are constantly evolving and relentlessly hunting for vulnerabilities, cybercrime has become so profitable that exploitation is their business priority, and regulation is increasingly complex to navigate and manage. For Sanlam, cybersecurity has always been more than plugging holes and filling gaps, it’s a priority that has to be embedded within business foundations while managing cost, growth, customer experience, data analytics and regulatory controls. “Developing a comprehensive and holistic cybersecurity solution is a mandate for us, one that we must meet to ensure customer, stakeholder and industry trust. ...
Remote Working Leads to 78% Increase in Cyberattacks Worldwide
Even though social media platforms are flooded with news of companies proudly presenting the fact that they are permanently shifting to a remote-work environment, they usually do not mention the fact that the pivot has created major issues for their security. Unpatched personal devices, erratic employee behaviour, and inadequately protected home networks create many loopholes for threat actors to exploit. What the Stats Say Carbon Black, a company that provides workload protection services surveyed 3,542 CIOs, CTOs, and CISOs to find out if WFH (work from home) resulted in an increase in cyberattacks. Respondents were from various industries and 14 different countries. The survey was published in June 2021. The study shows that a whopping 96% of enterprises in France saw a significant incr...
4 Simple Steps Your Company Can Take to Protect ERP Systems from Cyber-Threats
Image sourced from Software ONE. Cybercrime taps into the vulnerability of business systems and can pose a real threat to a robust supply chain. A sophisticated ransomware attack recently targeted the world’s largest meat processor. Following the business system breach, operations in the US and Australia were disrupted, resulting in a knock-on effect. The meat processor had no option but to shut down nine beef plants in the United States and several plants in Australia. Several truck drivers who specialize in hauling livestock also had no choice but to drive hundreds of miles to pick up cattle from an alternative supplier. For the end-consumer, the long-term impact of the cyber-attack could mean inflated meat prices. Unfortunately, this is not the only instance of a cyber-attack on critica...
Cybersecurity Is More than A Tech Problem – It’s a Business Problem Too
Image sourced from Finance Times. A concerning number of South African companies are not prepared for the inevitability of a cyberattack despite the significant financial and reputational risks, according to Ryan Mer, MD, eftsure Africa, a Know Your Payee (KYP) platform provider. “Too few senior managers view cybersecurity as a business problem and not just a technology problem,” he says. “The reality is cybersecurity is very much a business consideration. CEOs and CFOs will eventually face critical questions such as: How much money do we spend on cybersecurity? Do we change key processes? How do we create awareness and change company culture? Do we put security ahead of operational functionality? What is the role of internal processes and staff on data security and integrity?.” Mer adds t...
