By: Conrad Onyango
Worth Noting:
Reporting obligations – depending on the type of breach and laws that apply to your business – there may be a number of reporting obligations (including under data privacy and cybercrime laws)
- Managing reputational risk – even though the payment of a ransom is not generally illegal, legal considerations along with reputational risk is to be understood if you are considering paying a ransom demand (i.e. known terrorist organisations)
- Managing system and technology risks – taking steps quickly to mitigate the technology breach or vulnerabilities but at the same time ensuring evidence is preserved for authorities
- Ensuring business continuity – consider the ramifications if you cannot continue to fulfil your contractual obligations to customers in light of the data breach
A rapid rise in data breaches across numerous sectors has highlighted the intensity and ease with which cybercriminals can sabotage and hold for ransom valuable data, and quickly bring seemingly secure institutions to their knees. What can organisations do to protect themselves?
Hosted by commercial law firm Cliffe Dekker Hofmeyr (CDH), a recent webinar entitled ‘Enemy at the Gates: The practicalities and difficulties of data breaches‘ revealed the top cyber threats facing businesses to be business email compromise, hacking, and ransomware.
CEO at Digital Forensics Lab, Cyanre, Danny Myburgh noted there is also a rise in double extortions taking place in which hackers come in, steal data and then encrypt it with the aim of extorting companies to not only get their data back but then decrypt it as well. It doesn’t stop there, Myburgh said triple extortions are even happening in which hackers not only steal and encrypt data, but also mine it to identify and directly extort other data subjects.
“Typically, many of the vulnerabilities we find our left there by disgruntled employees. This is particularly true for disgruntled former IT administrators who have knowledge of the systems in place. When you exit people, it is important to keep these vulnerabilities in mind,” said Myburgh.
In his presentation, Myburg identified two main modes of attack in which cybercriminals target organisations. The first he calls the shotgun approach. “This is where the attackers send out a million emails and if one of your employees is unlucky enough to click on it, unfortunately, they have fallen for the scam,” said Myburgh.
The second most common mode of attack is the most concerning. This is what Myburgh calls the targeted attack. “Hackers focus on one organisation, perform in-depth background research, and then specifically target and attack an organisation through accessible vulnerabilities. This is where employees tend to form the weak links, not the infrastructure.”
Unprotected mail accounts with no two-factor authentication, outdated software, poor password control, and a lack of sturdy firewall protocols are just a few of the common vulnerabilities that organisation’s can easily control.
While it may be easy to secure your data in theory, the reality is that hackers tend to be two steps ahead. What happens when a data breach happens to your business?
Director and Practice He
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