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Evan-Lee Courie
Cisco report shows the biggest cyberthreats for SA businesses
13 Aug 2024
Cisco’s latest Cyber Threat Trends Report has revealed some alarming trends that should be on the radar of every South African CIO. The report, which analysed DNS activity from August 2023 to March 2024, highlights the growing prominence of information stealers and ransomware as major cyber threats.
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Information stealers were identified as the most frequently encountered threat, with an average of 246 million blocks per month.
These malicious programs are designed to discreetly collect sensitive data, including passwords, credit card details, and cryptocurrency wallets.
Analysis suggests a concerning pattern: three months of heightened activity followed by a month of reduced activity, potentially indicating that attackers are gathering data for three months before analysing it for the next.
Researchers warn that "information stealers persist as a significant threat because they can covertly harvest a wealth of sensitive data, which is highly valued on the black market."
Ransomware surge
Ransomware attacks also saw a significant surge, particularly from January onwards.
There is strong correlation between ransomware and dropper activity, suggesting that droppers are being used to deliver ransomware payloads.
The financial implications of ransomware attacks can be devastating, with victims often facing the difficult choice of paying the ransom or risking the permanent loss of their data.
Ransomware remains a prevalent threat as it directly monetises attacks by holding data or systems hostage for ransom.
Widely reported rising incidents in the country means that South African CIOs must prioritise cybersecurity investments.
Increasing sophistication
The increasing sophistication and prevalence of information stealers and ransomware demand a proactive and multi-layered approach to defence.
Recommendations for CIOs include "leveraging DNS security," "protecting your endpoints," and "implementing a security defence strategy."
There is also value in DNS-layer security, which "can mitigate one-third of cyber incidents, preventing up to $10bn in losses."
Use a layered approach to security, combining DNS-layer security with other security controls such as firewalls, intrusion detection systems (IDS), and intrusion prevention systems (IPS).
As CIOs and CTOs navigate the complex cybersecurity landscape, the Cisco report serves as a timely reminder of the evolving threat landscape.
By understanding the latest trends and implementing proactive security measures, CIOs can better protect their organisations from the potentially devastating consequences of cyberattacks.
