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Cyber threats on the rise: Businesses urged to ramp up defences

By cyber security expert and J2 Software CEO John Mc Loughlin.

Johannesburg, 20 Feb 2024
John Mc Loughlin, CEO, J2 Software.
John Mc Loughlin, CEO, J2 Software.

The rise of cyber attacks using old tricks and proven methods is expected to continue. Criminal organisations are relentlessly seeking access to your systems, aiming to exploit vulnerabilities in your environment and disrupt your supply chain.

Businesses, regardless of size, must prioritise safeguards against common threats like business e-mail compromise and compromised user accounts. Detecting unusual behaviour is crucial for preventing invoice fraud and session hijacking, which could lead to reputational and financial damage.

Moreover, ransomware attacks are proliferating, facilitated by professional groups offering easy-to-use ransomware kits to a growing number of affiliates. Businesses need to embed resilience into all aspects of their operations to mitigate the impact of such attacks.

Deepfake technology, which creates convincing fake videos, is rapidly advancing. It poses various risks, including tricking business users into fraudulent transactions, as seen in a case where a Hong Kong multinational was duped into paying $25 million to fraudsters using deepfake videos of executives.

Furthermore, deepfakes can be employed to spread misinformation and sow fear, particularly during times of uncertainty such as election years. To counter these threats, enhanced monitoring and targeted protection measures are essential to ensure both systems and personnel are resilient and informed.

Failure to implement a comprehensive cyber resilience programme leaves businesses vulnerable to increased cyber crime and significant financial losses. Despite the growing threat landscape, many executives continue to overlook cyber security risks and underinvest in resilience measures. This stems from a lack of awareness about the severity of potential risks and complacency due to past incidents going unnoticed.

Legislation addressing cyber risk is expected to expand globally, although its effectiveness remains subjective. Collaborative efforts between industries and policymakers are crucial to develop practical and relevant laws that keep pace with technological advancements. However, the slow pace of legislation could render it outdated by the time it's enacted.

Artificial intelligence (AI) has become a prominent tool in cyber security, offering both opportunities and challenges. Poorly implemented AI solutions can compromise data security, leading to unauthorised access and breaches.

Attackers are leveraging generative AI to enhance their tactics, while defenders are increasingly relying on AI to detect threats quickly amid the growing volume of network traffic. However, effective use of AI requires continuous management and monitoring to remain effective.

Partnering with established cyber security technology firms can bolster a company's capacity and provide enhanced visibility into potential threats. By leveraging proven solutions and expertise, businesses can better protect themselves against evolving cyber threats and mitigate the risks.


J2 Software

J2 Software is a cyber security-focused technology business founded in 2006 to address the critical need for effective cybersecurity, governance, risk, and compliance solutions that are practical and purpose-built. With the continued rise of cybercrime, identity theft, and confidential data leakage, J2 Software's mission is to provide managed cyber security services that are not just a competitive advantage but an absolute business necessity.

Our comprehensive managed cyber security services cater to businesses of all sizes, ensuring greater visibility to identify risky behaviour and enhancing the capability to respond effectively to prevent losses. We understand that cybersecurity is essential for protecting valuable assets and maintaining business continuity.

J2 Software delivers essential tools that empower organizations to take control of their technology spend. Our hand-picked solutions, combined with expert services, provide complete visibility over our customers' environments while reducing risk and lowering costs.

With a dedication to improving the cyber resilience of our customers, J2 Software has expanded its reach globally, serving more than 350 customers across four continents. Our commitment to innovation, reliability, and customer satisfaction has made us a trusted partner in the ever-evolving landscape of cybersecurity. Partner with J2 Software to safeguard your digital assets and secure your business's future.

Editorial contacts

John Mc Loughlin
J2 Software
(021) 461 1223