July 05, 2022
8 out of 10 enterprises have been targeted in cyber attacks
A recent Mimecast survey has revealed that 8 out of 10 enterprises have been the victims of major cyber attacks in the past two years. Most of these attacks involve ransomware and of the companies that were victims, more than one-third of them said that they paid the ransom to get their data back.
This survey has put a spotlight on how large companies are vulnerable to cyber attacks and where they need to improve upon their cyber security measures and processes. We are seeing a gradual uptake in cyber activity across East Africa, and due to the exponential growth of Kenya's digital ecosystem, enterprises have been increasingly susceptible to attacks. SEACOM is committed to ensuring businesses stay protected and offers various cyber security solutions to safeguard East African companies.
These services include hosted security and DDoS Protect - a fully automated solution for detecting, mitigating and reporting on distributed denial of service attacks. Our DDoS Protect services can be hosted on-site, on the cloud or as a hybrid solution. We have partnered with NetScout to deliver a highly secure service that automatically detects and removes DDoS traffic without disrupting the rest of the business network.
Mimecast’s survey sheds light on cyber attacks
Mimecast is an international IT security company. Their data from this survey has revealed that 11% of enterprises believe that paying the ransom is a cheaper solution in the long run than dealing with the fallout of a successful data breach and ransomware attack.
“Organisations primarily choose to pay the ransom because they believe they can recover the data,” says Mimecast cyber security expert, Andrew Williams. “However, only half of global companies get their data back after paying a ransom,” he adds. The cyber criminals that launch these attacks are looking for millions of dollars, but often do not return the stolen data to companies once the ransom has been paid.
The companies that responded to this global survey are located in Africa, the United States, the United Kingdom, Australia, Canada and Europe. The survey also found that 37% of global companies believe that they can get their money back after paying the ransom. According to Mimecast, less than one-third of these companies actually recovered their money.
So, paying the ransom does not guarantee the return of business data, nor does it lead to the recovery of the money paid in most cases. As a result, paying the ransom only incentivises the cyber criminals to launch more of these attacks. Enterprises, therefore, need to ensure that their cyber security systems are up-to-date with the latest software and processes.
Enterprises need a solid security strategy
This survey revealed that the incidents of ransomware, email phishing and full-scale cyber attacks are on the rise. “Respondents experienced an average of nearly 11 days of downtime due to attacks, during which time they suffered business disruption, lost productivity, damage to their reputations and more. The cost of these attacks is growing and an organisation’s best defence is to have adequate protections and recovery capabilities in place,” says Williams.
Productivity is severely affected by any type of cyber attack, which leads to a loss of revenue for the company. This, coupled with the large sums of money expected to be paid as ransom, can financially cripple a business. Enterprises need to implement various cyber security solutions that work together to create a robust barrier.
In addition, the security strategy needs to be reviewed and updated on a regular basis to ensure that all systems are functioning, up-to-date and viable for the business. Less than half of African companies have a backup system in place, which highlights the failure of the security strategy. Each enterprise needs a disaster recovery plan and a backup network to ensure that they can bounce back after a successful attack.
Business leaders need to make changes
These survey results highlight the need for change within African businesses, in terms of cyber security awareness. Business leaders need to ensure online safety is at the forefront of their practices and set up cyber security training programmes for employees. “Employees are an important asset in the fight against all types of cyber attack, including ransomware,” explains Williams.
“Regular and effective cyber security awareness training for all employees, in addition to improved security controls, can help improve the overall resilience of the business and prevent or help limit the damage of these attacks and remove the need to pay ransoms, which are no guarantee of the business restoring their systems or getting their data back,” he says.
Executives need to find a reputable cyber security provider and work alongside them to make meaningful changes to IT networks, email servers and digital systems. For more information or to get a quote for our various cyber security services, email us at marketing@seacom.com or leave us a message.
SEACOM owns Africa’s largest network of information and communications technology (ICT) infrastructure, including fibre optic networks and subsea cables. We offer a wide range of industry-leading scalable ICT solutions for large companies that operate throughout the region.
SEACOM is privately owned - making it adaptable to the needs of the client. We are the preferred ICT and internet connectivity supplier for African enterprises. We can guarantee fast, reliable and secure internet and networking services at affordable prices.
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