Cybercriminals are Waging War on Namibian Businesses

The rise in digital transformation has heralded unprecedented efficiencies and growth, but has simultaneously left many businesses grappling with a surge in cyberattacks most are ill-prepared to respond to.

These cyberattacks are not just a nuisance – they paralyse business operations, compromise sensitive data and inflict long-term damage on an organisation’s credibility.

Cyberattacks have far-reaching implications that can be costly and time consuming to recover from, if you’re lucky enough to even recover at all.  
It is no wonder many Namibian business leaders are increasingly wary of what is quickly becoming the number one threat to any institution leveraging technology in its operations – cybercrime.

One major cyber threat we are beginning to see more of is ransomware. TechTarget defines ransomware as “a type of malware (malicious software) that locks and encrypts a victim’s data, files, devices or systems, rendering them inaccessible and unusable until the attacker receives a ransom payment”.

How big is this problem? Verizon’s ‘2023 Data Breach Investigations Report’ found ransomware was involved in 24% of all global breaches, and Sophos’s ‘The State of Ransomware 2023’ reported 66% of organisations experienced a ransomware attack in the past year alone.

MODUS OPERANDI

Here’s what happens in a ransomware attack:

1. Infection: Ransomware begins by sneaking into your computer systems, often through a deceptive email or website link. Think of it like a thief slipping through a window.
2. Execution: Once inside, the ransomware activates and takes control of your computer. It’s like the thief locking all your doors and windows.
3. Encryption: The ransomware then encrypts your files, making them unreadable. It’s similar to the thief hiding your valuables in a safe only they can open.
4. Ransom Note: After your files are encrypted, you receive a message from the cybercriminals. They demand money (a ‘ransom’) in exchange for the decryption key. It’s a digital “pay up, or else”.
5. Payment: Some victims pay the ransom hoping to get their files back. It’s like giving in to the thief’s demand in the hope of getting your stuff back.
6. Decryption: If you pay, the cybercriminals may provide you with a decryption key. This is the digital ‘key’ to unlock your files, just like the thief giving you the safe key to your belongings.
7. Recovery: If you’re lucky, you can now use the decryption key to recover your files. But there are no guarantees, and sometimes the criminals don’t hold up their end of the deal.

PUTTING UP A DEFENCE

Protecting your organisation against ransomware attacks is crucial. Here are some essential steps to help safeguard your business:

1. Employee Training: Educate your employees about the dangers of ransomware and how it can enter the organisation.

Require new employees to undergo security awareness training at the start of their employment. Plus, all employees should be trained at least once a year.

2. Regular Updates: Keep all software, including operating systems, antivirus programs, and applications up to date with the latest security patches.

Many ransomware attacks exploit known vulnerabilities.

3. Backup and Recovery: Regularly back up critical data and systems. Store backups off­line or in a secure, isolated environment to prevent ransomware from encrypting them.

Then test your backups to ensure they can be successfully restored in the event of an attack.

4. Regular Security Audits: Have your IT risk experts conduct regular security audits  to identify weaknesses in your security infrastructure and provide recommendations for improving your security posture.
5. Incident Response Plan: Develop a robust incident response plan that outlines the steps to take if a ransomware attack occurs.

This should include internal and external communication plans and procedures for isolating affected systems.

Remember, no security measure is foolproof, but a combination of these strategies can significantly reduce the risk of a ransomware attack and help your organisation recover more effectively in the event one does occur.

Where cyberattacks are concerned, it is no longer a matter of “if” but “when” your business will come under attack from cybercriminals.

The question is, how well prepared is yours to respond?

• Thomas Hamata and Job Angula are seasoned information security risk professionals and founders of Accelerate Advisory Services, offering tailored IT governance, risk and compliance training, and advisory solutions. They can be reached at info@acceler8namibia.com