Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Sita hits back at critics, promises faster, automated procurement

      20 June 2025

      The transatlantic race to create the first television

      20 June 2025

      Listed: All the MVNOs in South Africa – 2025 edition

      19 June 2025

      TCS | Tech, townships and tenacity: Spar’s plan to win with Spar2U

      19 June 2025

      WhatsApp founders hated ads – Meta is adding them anyway

      19 June 2025
    • World

      Watch | Starship rocket explodes in setback to Musk’s Mars mission

      19 June 2025

      Trump Mobile dials into politics, profit and patriarchy

      17 June 2025

      Samsung plots health data hub to link users and doctors in real time

      17 June 2025

      Beijing’s chip champions blacklisted by Taiwan

      16 June 2025

      China is behind in AI chips – but for how much longer?

      13 June 2025
    • In-depth

      Meta bets $72-billion on AI – and investors love it

      17 June 2025

      MultiChoice may unbundle SuperSport from DStv

      12 June 2025

      Grok promised bias-free chat. Then came the edits

      2 June 2025

      Digital fortress: We go inside JB5, Teraco’s giant new AI-ready data centre

      30 May 2025

      Sam Altman and Jony Ive’s big bet to out-Apple Apple

      22 May 2025
    • TCS

      TCS+ | AfriGIS’s Helen Hulett on how tech can help resolve South Africa’s water crisis

      18 June 2025

      TechCentral Nexus S0E2: South Africa’s digital battlefield

      16 June 2025

      TechCentral Nexus S0E1: Starlink, BEE and a new leader at Vodacom

      8 June 2025

      TCS+ | The future of mobile money, with MTN’s Kagiso Mothibi

      6 June 2025

      TCS+ | AI is more than hype: Workday execs unpack real human impact

      4 June 2025
    • Opinion

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025

      Beyond the box: why IT distribution depends on real partnerships

      2 June 2025

      South Africa’s next crisis? Being offline in an AI-driven world

      2 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Company News » Cybercriminals eye South African SMEs’ lack of security

    Cybercriminals eye South African SMEs’ lack of security

    By ESET3 August 2022
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp
    ESET Southern Africa’s Steve Flynn

    South African small businesses are particularly vulnerable to cyberattacks. Why? Business owners aren’t taking the necessary precautions to protect their digital assets, often with dire financial consequences, says Steve Flynn, sales and marketing director at ESET South Africa.

    Despite the significant risks, SMEs seem reluctant to take the same digital preventative measures to secure their IT infrastructure as they would to protect their office equipment or company-owned vehicles. Just as a business owner wouldn’t underinsure a tangible business asset such as a factory, SMEs shouldn’t leave their digital assets unlocked and in plain sight of criminals. In a business environment where every cent counts, preventative measures must be weighed against the costs of not having IT security protection in place. Threats are becoming more prevalent, as there is a rise in online activity and hybrid working across the globe and here in South Africa.

    Secret password attacks increased by an alarming 104% in less than a year, according to ESET’s 2021 threat report. That equates to 55 billion new attacks detected in less than six months. The latest statistics make for sobering reading and underscore the high probability of South African businesses being targeted by sophisticated criminal networks. The sheer number of attacks means it’s a question of when, not if, a compromise is launched on any given business network, regardless of size.

    IT security breaches within a sole proprietor or SME can wreak havoc

    Ransomware attacks are also on the rise with massive consequences for organisations of all sizes. Just one example is a supply-chain attack that leveraged software vulnerabilities in an organisation’s IT management system. This ransomware event was accompanied by a US$70-million ultimatum to regain control of the company’s digital assets and operations.

    It’s much more challenging to steal something tangible given the apparent layers of physical security. Yet digital compromise occurs in a nanosecond. The price-benefit analysis is obviously relative to the cost of digital business disruption. Unlike large corporate enterprises, with redundancy functions among staff and well-resourced IT departments to resolve issues, IT security breaches within a sole proprietor or SME can wreak havoc. Anxiety is compounded by a loss of production, potential loss of revenue and opportunity cost, not to mention the worrying issue of online brand impersonation and mimicry.

    Estimates suggest that more than half of businesses fail within six months after a hack, making this phenomenon a critical component of business survival and success. Worse still, 61% of all data breach victims are businesses with fewer than a thousand employees.

    Data breach

    Even if one isn’t participating in the cryptocurrency’s digital gold rush or navigating the dark Web, those with sober Internet habits can fall prey to a data breach. And the costs are significant. It is assumed that 10 million records can cost a business $50-million to digitally recover and resecure. This is without the longitudinal, compounded impact of trust erosion.

    While legislation such as GDPR and Popia is in place to protect the consumer, accountability and responsibility rest on the organisations processing that data. This brings a new and more accountable perspective to the notion of customer service.

    SMEs should consider partnering with a team dedicated to continuously improving products, designed to guard against and defeat the latest cyber risks. An ever-evolving threat can only be countered by an equally evolved framework of software countermeasures.

    About ESET
    For more than 30 years, ESET has been developing industry-leading IT security software and services to protect businesses, critical infrastructure and consumers worldwide from increasingly sophisticated digital threats.

    From endpoint and mobile security to endpoint detection and response, encryption and multifactor authentication, ESET’s high-performing, easy-to-use solutions unobtrusively protect and monitor 24/7, updating defences in real time to keep users safe and businesses running without interruption. Evolving threats require an evolving IT security company that enables the safe use of technology. This is backed by ESET’s R&D centres worldwide, working in support of our shared future. For more information, visit www.eset.com/za or follow us on LinkedIn, Facebook and Instagram.

    This promoted content was paid for by the party concerned



    ESET Steve Flynn
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleEskom plunges South Africa back into darkness
    Next Article ‘The business of our business’: Port443 celebrates its first birthday

    Related Posts

    TCS+ | From gen AI to deepfakes – the latest infosec threats

    1 October 2024

    TCS+ | ESET’s Adrian Stanford: how AI will transform cybersecurity

    10 June 2024

    AI’s double-edged sword requires a human security approach

    4 June 2024
    Add A Comment

    Comments are closed.

    Company News

    Making IT happen: how Trade Link gears up to enable SA retail strategies

    20 June 2025

    Why parents choose CambriLearn for online education

    19 June 2025

    Disrupt first, ask questions later – the uncomfortable truth about incident response

    18 June 2025
    Opinion

    South Africa pioneered drone laws a decade ago – now it must catch up

    17 June 2025

    AI and the future of ICT distribution

    16 June 2025

    Singapore soared – why can’t we? Lessons South Africa refuses to learn

    13 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.