Feeling Secure: Protecting Business and Customers from Cyber Threats

As the term "cyber attack" loads in your mind, it may conjure up images of large corporations held at ransom for millions and hooded hackers lurking behind their computer screens. Despite how cyber attacks are depicted in our favourite fantasy movie land, one truth is clear: they all seem to neglect the ecosystem that makes an economy go round, the small business. Small Businesses remain the most vulnerable to cyber security and at risk of breach. International cybersecurity company, Surfshark, highlights that South Africa has the sixth-highest rate of cybercrime victims worldwide.

Cybersecurity and SMMEs

According to Business Tech, South Africa witnessed an increase of 69% from Trojan-PSW (Password Stealing Ware). There are several reasons SMMEs are particularly vulnerable when it comes to cyberattacks. 

• The complexity of South Africa's socio-economic status: Billy Petzer, research group leader in cyber security systems at the Council for Scientific and Industrial Research (CSIR), references that being the most unequal society in the world is a significant factor. "The country's low levels of education, general population not being tech-savvy, and few cybersecurity professionals contributed to its (South Africa's) vulnerability to cybercrime."

• Employees are often, unknowingly, the weakest link: Cyber security group Fortinet reports that nearly a staggering two-thirds of companies in SA have "reported data breaches due to work-from-anywhere (WFA) vulnerabilities." Furthermore, they note that "South Africans are particularly susceptible to this because load shedding often forces WFA workers to more regularly alternate between various networks – fibre to mobile to public Wi-Fi – all of which create new dangers for attackers to intercept business communications or take on an unprotected device." Sizwe Cakwebe, the manager of Cyber Risk at SHA Risk Review, points out that cyber-security is more than an IT process and shouldn't rest solely on the shoulders of high-level executives. She outlines that cyber security should be integrated as best practice by all team members, regardless of the organisation's size or industry. According to reports, 91% of hacking attempts are linked to emails. It only takes clicking on one suspicious link or forwarding sensitive company information to the wrong person, which could give hackers access to all they need for a cyber breach. They further emphasise the importance of small businesses and business owners prioritising cyber security.

• An upward trend in online business: One of Africa's greatest assets is its young population, with over 60% under 25. However, the growth in online business means a surge in vulnerable small companies that need to be adequately protected.

• Generally, SMMEs in Africa depend heavily on mobile devices to conduct business. This leads to an increase in malware and adware, compromising the device and its contents.

• Lack of adequately securing employees working off-site. This is an investment that companies need to make, including training employees on how to protect against a cybercrime attack.

What does this mean to the SMME? How extensive is the impact of being a victim of business cybercrime.

The Cost to SMMEs

Reputation damage and loss of their businesses due to their small size are one of the higher costs to SMMEs. The Protection of Personal Information Act (POPIA) holds even small and micro businesses accountable for a breach in data if adequate programmes and systems to protect against breaches are not in place. SMEs are likely to suffer reputational damage and risk losing their business entirely due to their small size.

Furthermore, cybercriminals may hold the data hostage for exorbitant ransom fees. There is also the risk of ongoing mining of data from stolen information to target consumers. With damages that could extend beyond extortion and may continue for some time, what can be done to protect against cyber crimes?

Practical Steps for SMMEs to Protect Against Cybercrimes

The numbers don't lie. With the above statistics, the current situation concerning SMMEs and data beaches seems bleak.

Given South Africa's innate resilience and innovation, this is the opportune time to see these statistics as turning points for daily business operations and adopt simple yet robust business practices to secure business more adequately.

• Employ professional cybersecurity professionals to protect against data breaches, theft and more.
• Ongoing education. Anyone from executives to those who use a company email address for admin needs training on protecting against breaches. They need to be educated about the types of possible attacks or malicious entry points and what to do in the event of a breach administratively.
• At the very least, secure your website as the starting point. Thomas Vollrath, head of local web hosting company 1-grid.com, notes, "Securing your website is not complicated – there are a variety of affordable and user-friendly security solutions for small businesses to invest in."

While the world of cybercrime may appear daunting, fortunately, there is light in the apparent cyber darkness. No business is exempt from falling prey to these cyber threats, but every business can take the necessary steps to ensure they are not the next victims of cybercrime.