Recently Goliath and Goliath lost R300k in a cyber fraud email scam.
In today’s hyper-connected environment, no company, no matter its size or sector, is immune to the ever-growing threat of cyber fraud. Indeed, whether your business is a one-man show or a sprawling multinational, it is wise to assume that you will – at some point – fall in the crosshairs of a savvy cyber-criminal. From ransomware to social engineering, the threats come in many forms – and everyone is vulnerable.
“Despite the huge amount of press generated by digital scams such as invoice interception and phishing, we are still finding companies which get caught unawares. It is clear that South African business leaders need to drive awareness internally and take even more proactive measures” cautions Colin Thornton, MD of leading IT consultancy Dial a Nerd.
To begin with, he advises leaders to implement training or induction processes which highlight the risks and how to spot them. After that regular tests can be performed reasonably cheaply such as sending fake phishing emails – and then identifying where the weaknesses lie. No matter how extensively a company invests in firewalls and anti-virus software, which are still essential, it’s often employees who inadvertently introduce threats. Even if there isn’t a threat being introduced by email attachment, or website link, an uneducated employee could be a soft target for social engineering or hacking.
In light of recent events such as Goliath and Goliath’s staggering loss of R300k due to a cyber fraud email scam, the imperative for proactive cybersecurity measures has become more pronounced than ever. Regardless of a company’s size or industry, the pervasive threat of cybercrime looms ominously in our hyper-connected world. Colin Thornton, Managing Director at Dial a Nerd, underscores the pressing need for South African businesses to elevate internal awareness and proactive measures against these evolving threats. Thornton advocates for comprehensive training programs that elucidate the risks and empower employees to identify and thwart potential cyber threats effectively. Emphasizing the critical role of vigilant employees, he suggests periodic simulated tests, like fake phishing emails, to pinpoint vulnerabilities. Despite investments in technological safeguards, it’s often the human element that serves as the entry point for cyber threats, making continuous education and awareness fundamental shields against cybercrime.
Listen to the full interview here.
