We often think about physical threats. We insure against theft and fires, lock our doors, and keep an eye out for trouble. But too often, we don't take enough precautions in the digital world. People and companies frequently fall victim to unscrupulous criminals abusing the internet and our digital freedoms. 

New insights on a global scourge 

The new free report Cybersecurity as an Imperative for Growth, published by Vodacom Business and conducted by Omdia, looks at how South African companies are weathering cybercrime. 

80% of South African businesses had experienced a cyberattack in the past year. Yet, many companies are not even doing the basics to make them more resilient and secure. For example, only 32% of local businesses prioritise cybersecurity training among employees, and less than 36% are confident they can prevent a seriously disruptive ransomware attack. 

Cybercriminals remain criminals, willing to take advantage of anyone, including small businesses, charities, and the elderly. They are targeting everyone, using many dubious tactics to fool people and steal from them. 

Your company's biggest threats 

Attacks are highly probable, and unpreparedness can lead to catastrophic consequences. It's been reported that 60% of SMEs close down after a cyberattack.  

However, it's not that difficult to take precautions and make your business less appealing as a target. The first steps are to understand the threats you might face. Vodacom's report outlines several potential threats. 

• Phishing: Most attacks begin with phishing, which are fake messages that lure people to unknowingly install bad software. Criminals use this software to steal login details that let them launch SIM swaps, ransomware, and most other attacks. 

• Ransomware: Ransomware is when criminals infiltrate your system and encrypt your data, then demand a ransom to gain access again.  

• Crypto hijacking: Criminals use your electricity to mine cryptocurrencies, which slows down your computers. The infected machines are also often used for other attacks, such as stealing your company's data. 

• Outdated software: Most cyberattacks exploit known weaknesses in outdated systems. Patches close those weaknesses. 

• Weak authentication: Credentials are the details you use to log into services, so naturally, criminals want to steal them. When you have weak passwords or fail to add extra measures such as multi-factor authentication (MFA), it's much easier for criminals to gain access to your systems. 

• Accidental data sharing: We can easily share sensitive information on unsecured channels, such as attaching company files to a private Gmail email, copying files to a USB stick, or pasting such information into a WhatsApp chat. While we may unintentionally share sensitive information, criminals can also trick people into doing so. 

How to make your business cyber-resilient  

Vodacom's report offers advice to be more secure, including the difference between rarer sophisticated attacks and more common opportunistic attacks. It explores what criminals target, and how to create effective cybersecurity according to five tenets: identify, protect, detect, respond, and recover.  

There are several important actions that will help you become more cyber-resilient. 

• Priorities: Criminals want lucrative targets, so your customer and financial data are more important than your lunch menu. Start by discovering what is most important to your business—your "mission critical" assets.   

• Access: Once you understand your priorities, look at the systems and people who have access to them. Do those systems have appropriate security and updates, and do those people have enough security training and awareness? 

• Recovery plans: If something goes wrong, what is the plan? What teams must respond, how will they limit the damage, and how will these steps affect operations? Make and test plans that define responsibilities, backup and recovery, action tasks, and managing disruptions to the business. 

• Assess security: Simply having security systems won't stop an attack. Work with security partners to make sure your security systems align with your priorities, access, and recovery plans. Examine the integration and patching of security systems, as this can enhance security and reduce expenses in the long run. 

• Train everyone: Criminals primarily target people, hoping to con them into actions that will expose your systems and data. But when people are trained to spot cybercrime activities, they become your strongest deterrent. Frequently train and test your people, and remember to be supportive! Failing a cybercrime test is just another step toward better cybersecurity awareness. 

The Cybersecurity as an Imperative for Growth report from Vodacom Business and Omdia contains a wealth of insight and information that will help you, your business, and your staff be smart and secure. 

Cybercrime might be a scourge, but we can fight back! Download your free copy now and see how to get the most from digital technology while remaining vigilant and resilient.