The 2023 State of Ransomware report for South Africa has shed light on the alarming increase in ransomware attacks experienced by numerous organizations throughout 2022. Companies have implemented inadequate security measures and hackers have grown more sophisticated, contributing to the rise in cybersecurity breaches.
The report presents troubling data, indicating that a significant number of organizations fell victim to ransomware attacks during the previous year. Such attacks involve cybercriminals infiltrating a company’s systems and demanding a ransom for the release of stolen data. Technology expert Brandon Muller explained that these attacks can be categorized into two primary areas: complex attacks that constantly evolve, and criminal acts driven by financial gain.
Muller acknowledged the mounting difficulty in thwarting these attacks, citing various factors contributing to the challenges. One factor is the increasing inflationary pressures faced by organizations, which may strain their resources. As a result, it becomes crucial to involve the expertise of cybersecurity professionals, although organizations must also weigh the cost of such investments. Muller cautioned that building an in-house security architecture could potentially prove more expensive in the long run.
The report’s findings underscore the urgent need for organizations to bolster their cybersecurity measures to counter the growing ransomware threat. As hackers become more sophisticated in their methods, companies must prioritize investing in robust security systems and seek external support from cybersecurity experts.