According to research by global cybersecurity firm Trellix, hackers are shifting their attention from the private sector and setting their sights on exploiting vulnerabilities on the South African government’s systems.
In their intelligence briefing on the state of cybersecurity in South Africa, Trellix states that the global threat actors exploit covert infiltration, user-carried USB devices and vulnerabilities in intermediary financial systems, in order to breach security.
Data from the briefing shows that government systems attract more than a third of all online attacks, with the education sector a distant second.
Financial services, utilities, wholesale, media, consumer products, and the general services sector all come after.
“What we do know is that although it may be growing at a very slow pace, the South African economy is quickly adopting more advanced technology across commerce, service delivery and communication. This transition leaves gaps of exposure for various groups to test weaknesses left open, as old systems make way for more modern ones,” said Carlo Bolzonello, country manager for Trellix South Africa.
According to Mordor Intelligence, the South Africa cybersecurity market is expected to grow at a cumulative annual growth rate (CAGR) of 11.01% over the forecast period (2022-2027).
The robust digitalisation in verticals like banking and financial services, government sector, and oil and gas industries has consequently triggered the risk of cyber-attacks. As a result of these risks, the adoption of various cybersecurity services that are needed to safeguard smart grid devices, digitalised businesses, and IoT-based smart cities are on an upward trajectory in the country.