Security expert and J2 Software CEO John McLoughlin said that the global cybersecurity market was booming and security spend had started outpacing IT spend.
However, adoption in SA was not yet growing at the same rate, although there was growth in interest and understanding of the need to do more to protect against cyber threats.
Cybersecurity should be a high priority for information-based organisations such as banks, financial institutions, insurance companies, telcos, municipalities and power utilities.
“These industries are already experiencing paralysing attacks that stop critical services such as electricity and water supply. These crippling cyber attacks will ultimately result in increased spend as they cause unprecedented loss of revenue,” said McLoughlin.
BusinessLIVE reported that the SA Banking Risk Information Centre (Sabric) confirmed on Friday that the banking industry had been hit by a wave of ransom-driven distributed denial-of-service (DDoS) attacks but said it had not involved hacking or a data breach.
The attack on the industry happened on Wednesday targeting various public-facing services across multiple banks, it said. The attacks started with a ransom note.
Because the attacks did not involving hacking or a data breach, customer data was not at risk, Sabric said. Increased traffic on networks, however, could cause minor disruptions.