Cybersecurity is a crucial priority in the digital era

Posted on 11 Dev, 24 by BrightRock

According to the 2022 Veeam Data Protection Trends Report, 85% of South African organisations faced ransomware attacks, which are now one of the leading causes of business disruption. As businesses increasingly rely on technology to optimise operations and improve customer experience, robust cybersecurity measures are essential to safeguard sensitive data and ensure business continuity.

The cybersecurity landscape in South Africa

According to a report on Times Live, South Africa ranks among the top six countries globally for cybercrime, with 52 victims per one million internet users. The economic impact was staggering in 2016, with cybercrime costing the South African economy R573 million, a figure that rose to R2.2 billion by 2021, according to Accenture.

Despite this growing threat, businesses have been slow to adopt cybersecurity measures. Before the enactment of the Protection of Personal Information Act (POPIA) in July 2021, there was no legal obligation to report data breaches. Additionally, many companies lack fundamental security measures, such as multi-factor authentication, effective backup protocols, and employee cybersecurity training. This leaves businesses particularly vulnerable.

Mitigating third-party risks and navigating regulatory compliance

Companies often have interconnected systems and multiple entities within their portfolio, which increases their vulnerability to cyber threats. The use of third-party software also expands the attack surface.

Businesses need to comply with a range of regulations designed to protect customer data, such as South Africa’s POPIA and international guidelines like the General Data Protection Regulation (GDPR). Compliance is non-negotiable, as failure to adhere to these regulations can result in hefty fines and operational setbacks.

Best practices for cybersecurity

To address growing cyber threats, businesses should implement a comprehensive cybersecurity framework. Encrypting customer data is crucial for preventing unauthorised access, ensuring sensitive information remains secure throughout its lifecycle. Regular security audits help identify and resolve vulnerabilities before they can be exploited, keeping systems robust and up to date. Employee training is another key pillar, equipping staff with the knowledge to detect phishing attempts, maintain password security, and follow essential cybersecurity protocols.

In addition, multi-factor authentication enhances security by requiring multiple forms of verification, making unauthorised access more difficult. Implementing a zero-trust architecture ensures that no entity – internal or external – is trusted by default, with continuous verification of access permissions. Additionally, having a well-developed and practiced incident response plan ensures swift action in the event of a breach, minimising damage and recovery time.

Leveraging technology to bolster cyber defences

The integration of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), plays an increasingly important role in cybersecurity. AI tools can identify abnormal patterns in network traffic, while ML algorithms can predict potential attack vectors based on historical data. Blockchain technology also offers enhanced security by decentralising data storage, making it harder for cybercriminals to access critical information.

Proactive measures for building a secure future

By adopting proactive cybersecurity practices, staying compliant with regulations, and embracing emerging technologies, companies can safeguard their data, maintain business continuity, and protect their reputation. As cyber threats become more sophisticated, businesses need to remain vigilant and invest in the necessary tools to stay ahead of the curve.

This article is attributed to Francois Wirth, Chief Information Officer at BrightRock.

This article was first published on Insurance Biz on 20 November 2024. Click the link to read the original story.

https://insurancebiz.co.za/news/life-insurance/francois-with-cybersecurity-a-crucial-priority-in-the-digital-era.html