According to Kaspersky’s latest IT Security Economics report, organisations in South Africa reported to have experienced on average 19 incidents within a year. As the evolving cybersecurity threat landscape demands close attention from organisations, at the 25th Cyber Security Summit South Africa held in Johannesburg last week, Kaspersky presented some of the pressing threats to businesses and the solutions that can help reduce their risk exposure.
In 2024, globally, 467,000 malicious files were detected by Kaspersky daily, marking a 14% increase from the previous year. According to Kaspersky, 34.2% of its users in South Africa encountered web-borne threats in the past year, underscoring the growing risks in the digital space. Banking and financial malware surged by 34% in 2024 when compared to the previous year, posing a severe challenge for financial institutions and consumers alike. Password stealer detections increased by 14%, escalating risks of identity theft and data breaches. At the same time, the number of exploit attacks rose by 55%, while backdoors spiked by 42%, giving cybercriminals persistent access to compromised systems.
Another reality is that the crimeware ecosystem has become increasingly dynamic and adaptable, with affiliates adopting a “multi-platform” approach. Cyber attackers spread their operations across regions. For example, Kaspersky warned of the Grandoreiro banking trojan expanding from Latin America to Asia and Africa. In 2024, the threat targeted more than 1,700 financial institutions and 276 cryptocurrency wallets across 45 countries and territories. Among countries affected in Africa were South Africa, along with Algeria, Angola, Ethiopia, Ghana, Ivory Coast, Kenya, Mozambique, Nigeria, Tanzania, and Uganda.
Kaspersky experts highlighted several growing concerns for businesses. The rise of AI-enhanced cyber threats means attackers are using AI-powered phishing scams, malware development, and automation to launch more sophisticated attacks. At the same time, cloud security risks continue to rise, as businesses increasingly adopt cloud-based services but fail to secure them against data breaches and misconfigurations. Meanwhile, as social engineering techniques are widely used by attackers, human error remains a major cybersecurity risk, that involves cyber threats ranging from phishing to deepfakes.
To mitigate these growing threats, Kaspersky advises businesses to take a proactive approach to cybersecurity. That should involve gathering threat intelligence relevant to their industry, geography and software profile; implementing advanced security solutions, such as Kaspersky Next, that reflect the security demands of businesses depending on the levels of IT maturity. Employee training is also critical, as many cyberattacks exploit human error. Additionally, organisations should perform regular threat assessments and penetration testing, identifying vulnerabilities before they can be exploited.
“With the rise of AI-assisted cybercrime and increasingly targeted attacks on businesses, decision-makers should have a comprehensive security strategy that combines robust cybersecurity solutions for IT assets, employee education, and acquiring threat intelligence. By integrating intelligence-driven security measures, companies can better protect their assets, customers, and reputation in an increasingly hostile digital landscape,” said Dmitry Berezin, Global Security Solutions Expert at Kaspersky, as he presented at the Cyber Security Summit South Africa.
