With cybercrime increasingly posing a significant risk to enterprises globally, cybersecurity experts in South Africa are forecasting more challenging times ahead as threat actors exploit emerging innovations to launch sophisticated cyberattacks.
Driven by heightened technological advancements such as artificial intelligence (AI) and machine learning (ML), cybercriminals relentlessly utilise popular digital tools and platforms to create and deploy less detectable attacks.
This, according to Acronis in South Africa, is an emerging challenge that requires enterprises to refocus on cybersecurity and rethink their overall approach to cyber protection.
Speaking ahead of the Rectron Summit, Candid Wüest, vice-president for cyber protection research at Acronis, notes that despite the rate at which cybercriminals are tapping into emerging technologies and innovations to launch cyberattacks, cybersecurity players in the region are equally developing highly-effective solutions to neutralise threats.
“As technology continues to evolve and grow in popularity among end users, so will cyber threats. AI and ML are great innovations designed to help enterprises operate effectively, and efficiently and also enhance customer engagement. However, cybercriminals are also targeting the same innovations to infiltrate digital ecosystems using sophisticated attack methods.”
Africa’s threat landscape
As the second largest economy in Africa and with a GDP worth over $405,7-billion, South Africa remains a constant target for cyberattacks.
According to a prediction by Mordor Intelligence, South Africa’s cybersecurity sector continues to grow at pace – with a compound annual growth rate of 12,97% between 2023 and 2028.
The Acronis Mid-Year Cyberthreats Report 2023 indicates that ransomware continues to be the primary threat to large and medium-sized businesses, including government, healthcare, and other critical organisations.
In line with this growth, the region’s threat landscape is still under sharp focus as these cases continue to be reported. A report by The Council for Scientific and Industrial Research estimates that cybercrime costs the South African economy R2,2-billion per annum, with more than half of firms in the region reporting ransomware attacks over the past year.