Attacks By Ransomware Are Increasingly Dangerous To African Companies
Attackers, using ransomware are concentrating on African Nations, where the fast expansion of internet connectivity has made many people more susceptible to online fraud and scammers.
According to industry analyst, ransomware Attacks affected nearly 80% of South African firms in 2023, up from just over half the year before. This shows how dangerous cyber criminals are becoming to Africa's fast rising online presence. Although the attackers are frequently unidentified, their demands for ransom might go as high as millions of dollars. However, the expense of recovery includes more than just ransom payments.
Organizations reported an estimate mean cost of $1.82 million to recover from ransomware attacks, excluding any ransom paid. Globally, ransomware attacks are growing quickly. According to a poll conducted by cybersecurity company Sophos, 66% of businesses globally reported experiencing a ransomware assault in 2023 , up from 51% in 2020. 78% of the 200 businesses polled in South Africa , the only African Nation included in the survey, said they had experienced a ransomware assault in 2023. According to Sophos, almost 30% of ransomware assaults globally begin with an email.
According to interpol, ransomware attacks frequently target energy and transportation suppliers. According to Kevin Wotshela, general director of Johanessburg based Magix software company, ransomware attacks exploit human error ( opening a phone email ), old or unpatched software, and weak passwords to obtain an organization's data.
The majority of business decision makers only take action after an assault has taken place, despite the fact that cyber attacks damage the South African economy R2.2 Billion ( $118 Billion) annually.
