Ransomware
Effective Data Backup Becomes Essential as Kenya is Rocked by Ransomware
In the wake of the COVID-19 pandemic, cybercrime, in particular, ransomware, has seen a massive increase across the globe. As a burgeoning economy in Africa, Kenya has become a growing target, with a new report from internet security group Kaspersky recording 32.8 million attacks in the first half of 2021. According to INTERPOL, increasing digital demand in the country, coupled with “a lack of cybersecurity policies and standards, exposes online services to major risks”. As digital transformation continues to gain traction in Kenya, data becomes increasingly important for business, and it needs to be effectively protected. Effective data backup and recovery are key to overcoming the potential threat of a ransomware attack. Connected, but vulnerable In Kenya, as in much of the world, the pa...
Cybercriminals made away with $602M in crypto ransom in 2021, Chainalysis reports
The blockchain forensics firm has said that with continued identification of more events, 2021 numbers could eclipse the figures recorded in 2020 The report also found that Russian-based Conti led in ransomware attacks last year Chainalysis’ recently released report on crime in cryptocurrencies in 2021 has indicated that 2021 ransomware payments reached $602 million, a figure less than 2020’s. On average, the amount paid per ransomware event was $118,000, compared to $88,000 in 2020 and $25,000 the year before. However, Chainalysis noted that the figure for 2020 (which has now been estimated to be $692 million) sat at $350 million at the time of publication of the previous report. However, other hacks events have since been identified hence the adjusted figure. Therefore, the r...
Ransomware crypto payments hit at least $602M last year: Chainalysis
A new report estimates that ransomware payments tallied at least $602 million in 2021 — but the actual total could be much higher. Blockchain analysis firm Chainalysis released new data on Feb. 10 about ransomware activity related to cryptocurrency in 2021. However it stated that the total value is likely to end up surpassing the $692 million taken in 2020. “In fact, despite these numbers, anecdotal evidence, plus the fact that ransomware revenue in the first half of 2021 exceeded that of the first half of 2020, suggests to us that 2021 will eventually be revealed to have been an even bigger year for ransomware.” Chainalysis believes 2021 will end of surpassing 2020. The average ransomware payment size reached a record high of $118,000 in 2021. This is a 26% increase from the average...
The State of Cyber Extortion Crime in South Africa
Sourced from Kaspersky The KnowBe4 and ITWeb Ransomware Survey took a deep look into the South African organisation, finding that ransomware and cybercrime are increasingly impacting organisations on the continent. While many companies (32%) were attacked in 2021, some multiple times (12%), 64% of organisations believe they are prepared, and 67% would not pay the ransom. According to Anna Collard, SVP Content Strategy & Evangelist at KnowBe4 Africa, the South African market with its growing economy and cyber dependence, is becoming increasingly tasty as a cyber extortion snack. Anna Collard, SVP Content Strategy & Evangelist at KnowBe4 Africa. “It is natural for cybercriminal organisations to look at emerging economies for future attacks, as they are often not as prepared as the re...
How a Small Email Phish Can Become a Million Rand Ransom
Image sourced from Kaspersky. Cybercrime is smart, innovative, and agile. Cybercriminals are well-rewarded for their innovative attack vectors and have no incentive to stop finding inventive ways of penetrating systems and moving past the most vulnerable defences. According to Paul Grapendaal, Head of Managed Security Services at Nclose, there’s no standard playbook when it comes to penetrating a system successfully, but there are solid security steps that can mitigate risk and help the business manage the fallout. Steps that will help bolster your defences and ensure that one phish won’t cost your business millions. Paul Grapendaal, Head of Managed Security Services at Nclose. “There are obvious routes of attack, such as spear phishing, that are designed to focus on a target with the sole...
31.5 Million Cyberthreats Targeted SA Users in the First Half of 2021
Image sourced from Feed Navigator. The increase in cyberthreats recorded by global internet security firm Kaspersky in the first half of this year across South Africa amounted to 31.5 million. “Threats can be categorised as criminal (80% of attacks), targeted (19.9%), and advanced (0.01%). The advanced grouping is significantly more sophisticated and feature increased investment from attack groups. Unfortunately, both criminal and targeted threat vectors learn from the advanced category to enhance their own attack techniques,” says Amin Hasbini, Head of Research Centre, Global Research & Analysis Team, Middle East, Turkey and Africa at Kaspersky. Attacks Are Becoming More Sophisticated Hasbini says that the current trends show that attackers around the world are embracing more sophisti...
Fight Back Against the Rise of Ransomware in SA with EDR Solutions
When cyberattacks are on the rise, as they certainly have been in South Africa this year, an organisation cannot afford to have its cybersecurity operating in a reactive manner. And yet, far too many businesses operate in this manner, making them prime targets for a breach. This is according to Milad Aslaner, Senior Director, Cyber Defense Strategy at SentinelOne, which helps organisations to prevent, detect, respond to and remediate end-point threats using artificial intelligence (AI) and machine learning. Its endpoint security products are distributed throughout Africa by Networks Unlimited. Aslaner explains: “Endpoints including laptop computers, tablets, and phones provide entry points to a wider network penetration that could harm the organisation, and which is one of the goals of ran...
Is South Africa a Playground for Cybercriminals?
The Attacks From All Angles 2021 Mid-year Cybersecurity Report by Trend Micro highlighted a 47% year-on-year increase in email threats as well as malicious files and URLs in the first quarter of 2021 globally. South Africa’s technology landscape is almost identical to that of other countries, which has seen black hat hackers using it as a testing ground for cybersecurity attacks before these are launched on their intended end-users. Ransomware Remains the Prime Threat Globally, ransomware remained the standout threat in the first half of the year. The pandemic has highlighted how easy it is to buy ransomware as a service (Raas) on the dark web. Africa accounted for 1.7% of these attacks, with 1.05% being targeted at South Africa. Our findings show that locally, South Africa was in the top ...
‘No Honour Among Thieves’: Don’t Pay the Bad Guys say Rubrik & Microsoft
Image sourced from Mohamed Hasan – Pixabay. There is good news for companies who wish to keep their data safe, and who are opposed to paying hackers ransom money in order to have critical data returned in the event of a hack. This input comes in the recent announcement that global giant Microsoft, the American multinational technology corporation, is investing in cloud data management company Rubrik. “The two companies will combine on products that will help customers hit by ransomware to recover their critical data without paying the ransom,” says Risna Steenkamp, General Manager: ESM Division at Networks Unlimited, which distributes Rubrik throughout Africa. “Data is one of a company’s most valuable resources, and it is critical that a business should not feel forced to ...
Ransomware Attacks Grew 1070% Since Last Year According to Fortinet
Image sourced from Feed Navigator. Fortinet, a global leader in broad, integrated, and automated cybersecurity solutions, today unveiled the 2021 Global State of Ransomware Report. The survey reveals most organizations are more concerned about ransomware than other cyber threats, it also reveals that ransomware grew 1070% year over year from 2020. “According to a recent FortiGuard Labs Global Threat Landscape report, ransomware grew 1070% year over year. Unsurprisingly, organizations cited the evolving threat landscape as one of the top challenges in preventing ransomware attacks,” says John Maddison, EVP of Products and CMO at Fortinet. “The high amount of attacks demonstrates the urgency for organizations to ensure their security addresses the latest ransomware attack techniques across n...
How to Prevent Further CyberAttacks on Businesses & Government Departments
Image sourced from Finance Times. The recent ransomware attacks on the Department of Justice and Constitutional Development (DoJ) and the South African National Space Agency (Sansa) is a testament to the sophistication and aggressiveness of cybercrime in South Africa. In response to these attacks, organisations need to devise a preventative plan of action. “With South Africa having the third-highest number of cybercrime victims worldwide, and the biggest threat being ransomware, businesses are prone to being victims of ransomware traps unknowingly. In such cases, cyber-criminals pose as credible agencies with the intent of luring organisations to their demise,” says Maeson Maherry, CEO and co-founder of LAWtrust. What are Ransomware Attacks? Ransomware attacks are cyberattacks where a cybe...
African Bank Warns of Data Breach After Partner Struck by Ransomware
Image sourced from Redefine. South African retail bank African Bank has confirmed that one of its debt recovery partners, Debt-IN, was targeted by a ransomware attack in April 2021. At that time, advice from security experts concluded that there was no evidence that the attack had resulted in a data breach, however now BusinessTech reports that Debt-IN has become aware that personal data of certain customers, including a number of African Bank Loan customers who had been under debt review at the time, has been compromised by the threat actors. In response, African Bank says that it is confident that no data shared after the 1 April attack has been compromised. “A robust mitigation plan has been implemented by Debt-IN to contain and reduce any further adverse impact,” the lender said. “We h...
