Everything you need to know about cyber threats
Category Commercial and Industrial News
Cyber threats - particularly those aimed at manufacturing companies - are on the increase. Small and large enterprises alike need to know about these attacks - and know how to avoid them. 3Cube Property Solutions breaks down some of the top cyber threats facing South African businesses.
The dangers faced by African businesses
Late last year, Interpol released a report titled the African Cyberthreat Assessment Report 2021, with the intention of helping local businesses understand some of the types of cyber threats they face today. According to the report, the top threats include, amongst others, business email compromise, ransomware and botnets. Even with the right web hosting solution in place, any company could become a victim if the right precautions are not taken for each of these:
- Business email compromise: In simple terms, business email compromise takes place when criminals gain illegal access to email systems and use this to get information about corporate payment systems. They then use this information to trick employees into transferring money into fraudulent bank accounts.
- Ransomware: This refers to malicious software introduced to a network to block your access to your computer system. A ransom must then be paid to regain access to your systems.
- Botnets: The term "botnet" refers to a network of private computers, servers and internet of things devices that get infected and controlled by malicious software. Once your network has been infected with a botnet, it can easily infect other devices that it interacts with - for example by sending spam emails to all your business contacts.
Mitigating the risk of business email compromise
Deloitte has put together a useful guide that explores some of the ways to lower the risk of business email comprise (BEC) attacks. Prevention starts with awareness of how BEC attack scenarios work. A BEC attack, which will typically be an email asking for payment, may appear to be from an attorney or even an executive within your business. These emails typically create a false sense of urgency and often use names, domain names and details that look legitimate at first glance.
An important step in protecting your business from email compromise is to train your staff to recognise potential attacks. On a related note, since such attacks typically target mid-level personnel rather than executives, your company culture should be one of open communication, where every employee feels comfortable following up with a senior executive to confirm the legitimacy of an email.
There are various ways you can protect your business from a technical point of view. Ensure that your IT provider has implemented controls like encryption and application-based multi-factor authentication (MFA).
Preventing ransomware attacks
The best way to prevent ransomware attacks involves a layered security model and a proactive approach to threat intelligence. An IT specialist can help you implement these systems. A simple way to avoid becoming a ransomware statistic is to hold security awareness training and set up a company-wide "suspicious email" policy. This policy will help employees identify emails that seem suspicious and know what to do with them. The protocol can simply be to forward the mail to the IT security team rather than opening any attachments or clicking on any suspicious links.
Keeping your systems up to date is another important safety protocol. Ensuring that the latest updates are installed helps prevent would-be "data kidnappers" from exploiting security gaps that can exist in older software.
Stopping botnets in their tracks
Stopping botnets is challenging because they are constantly mutating to exploit security flaws and vulnerabilities. Prevention is always better than cure, and the first step is to ensure that your system is always up to date. It is important to closely monitor your network and any spikes in failed login attempts. Take note of all unusual activity and invest in an AI-powered botnet detection solution.
Protecting your company's software and hardware networks is one of the most important aspects of maintaining your company's virtual presence. When it comes to your company's physical presence, 3 Cube Property Solutions has your needs covered. You can trust us to find the right premises for your commercial or industrial enterprise in Gauteng. Contact us today.
Author: 3Cube Property Solutions
