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FROM 2021 TO 2022: THE CYBERSECURITY OUTLOOK, BY KNOWBE4

SecurityAIT Featured PostsEnd-point Security
By Sudipto Ghosh On Nov 22, 2021

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The Cybersecurity Outlook for 2022 is a massive opportunity for the IT and
dependent industries. There are several trends that have dominated the global
market, especially the African cybersecurity landscape in 2021. The continent
remains a point of investment interest as connectivity and mobility continue to
grow – with only 38% of the population connected, there is massive opportunity
compared with developed markets. This situation has seen a subsequent surge in
investor attention, particularly in the FinTech and telco spaces, and an equally
high, but concerning surge in cybercriminal activity.

Predictions Series 2022: Marketing Leaders Weigh In Future Of Content Experience

“Cybercriminals see the opportunity in this new and formative market too,” says
Anna Collard, SVP Content Strategy & Evangelist at KnowBe4 Africa.

Anna added, “Considering that nearly half of the world’s 1.2 billion people
registered for mobile money are based in Sub-Saharan Africa, and that 63% of the
mobile dollar value is spent in this region, it makes sense that it has become a
hot zone for investors and cybercriminals alike.”

Recently, Kaspersky found out more than 30 million web threats were seen across
South Africa, Kenya, and Nigeria combined between April – June 2021.

As part of the cybersecurity outlook for the region, Bethwel Opil, Enterprise
Sales Manager at Kaspersky in Africa said, “The IT threat landscape is evolving
as more sophisticated technology becomes available. The increase of malicious
URLs in Kenya and Nigeria also indicates how phishing and related malware have
grown in popularity by threat actors in these regions, who are targeting people
working outside of the relative safety of the office network.”

Web threats (attacks launched from online resources) are a category of
cybersecurity risks that may cause an undesirable event or action via the
Internet. A broad scope of dangers fits into this category, including well-known
threats like phishing and computer viruses. However, other threats, like offline
data theft, can also be considered part of this group. Web threats are not
limited to online activity but ultimately involve the Internet at some stage for
inflicted harm.

This trend towards Africa as the lucrative shores upon which these modern-day
pirates beach their ships is one that will likely continue into 2022. Most
countries in the region do not have adequate cybercrime regulations in place and
face significant skills shortages. A low level of general awareness means most
consumers do not know how to ensure that their online behavior is secure and
smart.

Top Predictions: New Network Industry Trends Report Sheds Light On Key NetOps
Priorities For 2021 And 2022

“Another issue is that a significant number of African businesses operate
without basic cybersecurity controls in place” says Collard. “This makes them
all ripe for the picking. A recent study undertaken by Sophos found that 58% of
South African organizations experienced an increase in cyberattacks since the
pandemic and KnowBe4’s September 21 survey showed that 32% suffered a ransomware
attack. What is also a concern is that identity fraud has seen a 337% increase
over the past two years.”

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Add to this the recent SABRIC survey that underscored the growing threats of
social engineering across online and mobile banking, and a complex and worrying
picture emerges. The statistics, across the board, point to a consistent
increase in attack numbers and sophistication. They also draw a red line
under Africa – 2022 needs to be the year when the continent ramps up its
cybersecurity efforts to protect citizens and economies.

“Another trend is public awareness,” says Collard. “This has remained consistent
for many years, but it is becoming increasingly clear that educating people
about the risks, and giving them the tools they need to combat the risks, is
critical. If you look at mobile banking fraud, in most cases, the successful
crimes were because of phishing and social engineering tactics.”

“Cyber extortion crime is another major trend. If you look at the ransomware
events that dominated local headlines in 2021 the message is not just that
ransomware can be lucrative, but that cybercriminals are combining various
methods to make their cyber extortion more effective,” says Collard. “Demands
are getting bigger and the impact more pernicious to our economy and society as
a whole.”

In 2022, these attacks are going to worsen and their impact will become
increasingly expensive as criminals up the ante. The groups that perpetrate the
attacks know that this is a lucrative gig, so why would they stop? For the
organization, it could cost them money and reputation. For the public sector, it
could cost citizens access to critical infrastructure, and worryingly, the
public sector is extremely vulnerable.

“Only 30% of the South African public sector feels prepared for the cyber
extortion onslaught,” says Collard. “The fact that the sector admits it is not
prepared for this, and the fact it is an attractive target, means that its
security has to become a priority. There also needs to be more of a focus on
mobile malware and cryptocurrency attacks. These are set to become more targeted
and capable over the next year, so users need to be aware of the risks and the
scams.”

Read more on Cryptocurrency attacks here. 

Finally, 2022 will very likely come with more deep fake technology in social
engineering attacks such as phone phishing. Likewise, the increased use of IoT
devices, often implemented with default passwords and gaping vulnerabilities,
will put organizations at risk.

“What this means for the future is that individuals and organizations need to
expect more high-impact extortion attacks and more data breaches,” concludes
Collard. “It is critical that there is more investment into upskilling and
focuses on collaboration between public and private sectors. Initiatives such as
South Africa’s cybersecurity alliance aim to achieve exactly that.

Uriel Maimon, senior director of emerging technologies at cybersecurity
company PerimeterX, said, “Initially, this appeared to be an issue with
malicious Shadow Code implemented via the WordPress site’s supply chain.
However, in actuality, this is an example of a credential stuffing or brute
force attack against the WordPress admin panel. These bot attacks can lead to
non-obvious implications such as ransomware. To combat attacks like this,
companies need a solution that detects malicious behavior on websites in real
time, identifies sophisticated bot techniques, and blocks automated web attacks.
This includes using machine-learning models, behavior-based and predictive
analytics to detect modern account takeover attacks with the sensitivity to see
patterns in traffic. Leveraging intelligence on your customer account
credentials can be crucial in stopping these attacks before they occur.”

[To share your insights with us, please write to sghosh@martechseries.com]

cryptocurrency attacksIT security architectureKnowBe4RansomwareRansomware
Attacksocial engineering
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Sudipto Ghosh
 * 

Sudipto Ghosh is a tech buff with industry-recognized experience in creating B2B
web and technical content for digital agencies and publishers covering the space
in Automotive, Artificial Intelligence, Big Data, Shipping, Metallurgy,
Textiles, Pharma and Health, Media and Entertainment. Apart from digging into
MarTech, HR Tech, SalesTech AI labs and interviewing the C-suite executives,
Sudipto enjoys watching nature and paintings. The darkest gym in the city’s
outskirts is the next best place to track Sudipto on the weekends.

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