SA businesses vulnerable to cyberattacks-By Terri-Ann Brouwers

South African businesses are inadequately prepared for cyberattacks, according to the latest survey from the multinational technology company Cisco. According to the index, only 5% of South African companies have reached a mature readiness level against cybersecurity threats.

Surprisingly, even though the lack of cybersecurity readiness is significant, 73% of companies surveyed in South Africa believe a cybersecurity incident will disrupt their business in the next 12 to 24 months.

Cisco calculates cybersecurity readiness based on five pillars: identity intelligence, network resilience, machine trustworthiness, cloud reinforcement, and artificial intelligence (AI) fortification.

Based on this information, companies are categorised into four stages of cybersecurity readiness: beginner, formative, progressive, and mature.

South Africa’s ranking across the five pillars

Identity intelligence readiness pertains to an organisation’s readiness to manage and utilise identity-related data and insights in its network and cybersecurity operations. In South Africa, 7% of organisations are classified as mature in terms of readiness, while 17% are categorised as progressive, with the remaining 76% falling into the formative and beginner categories.

The increasing demand to access data on the go and in diverse formats has led to a surge in the number of devices used by employees. Each connected device represents a new opportunity for malicious actors to launch attacks. Therefore, regardless of the device, it must be protected if connected to the network or organisation. This encapsulates the essence of machine trustworthiness readiness. In South Africa, 9% of organisations have achieved a mature level of readiness, 20% are at a progressive stage, and the remaining 71% fall into the formative and beginner categories.

Regarding network resilience readiness, 10% of South African organisations are at a mature level, 32% are at a progressive level, 46% are at a formative level, and 12% are at a beginner level.

With more organisations shifting their operations to the cloud, the demand for enhanced cloud security is rising. The survey indicated that only 6% of South African organisations have reached a mature stage of cloud reinforcement readiness, 17% are at a progressive stage, 50% are at a formative level, and 27% are at a beginner level of readiness.

The rapid growth of generative AI is opening numerous opportunities for organisations, and cybersecurity solutions are no exception. However, malicious actors have also exploited AI to cause chaos among unprepared targets. Therefore, integrating AI into frontline defences has become crucial to cybersecurity readiness.

Regarding AI fortification readiness, 9% of South African organisations have achieved a mature level of readiness, 57% are at a progressive stage, 32% are at a formative stage, and only 2% are at a beginner level. This distribution is a positive indicator of progress in AI readiness for cybersecurity.

Even more surprising than the figures mentioned above is that, despite the lack of readiness, 31% of companies express confidence in their ability to maintain resilience amid the evolving cybersecurity landscape.

This indicates a discrepancy, as companies may have overestimated their capability to handle threats and are not accurately assessing the extent of challenges they face.

“We can’t underestimate the threat posed by overconfidence,” says Kabelo Letsoalo, cybersecurity specialist at Cisco.

He outlined five key steps South African companies can take to protect themselves from cybersecurity threats: identifying and assessing vulnerabilities, investing in adequate cybersecurity infrastructure, staying informed, upskilling teams for greater resilience, and continuously re-evaluating readiness.

source:SA businesses vulnerable to cyberattacks – Moneyweb