This is according to Duane Nicol, senior product manager for Awareness Training at Mimecast who was on the OFM Business Hour to unpack the findings outlined in Mimecast’s State of Ransomware Readiness 2022 report. Nichol warns that cybercriminals will up the ante over the festive season as retailers seek to make the most of the period from a profit perspective.  

 Background on Mimecast’s State of Ransomware Readiness Report

“The State of Ransomware Readiness is a global survey of 1,100 cybersecurity decision-makers to dig deeper into the ransomware threat and to assess its impact on cybersecurity teams and businesses. This report explores the business implications and personal impacts of ransomware, as well as how organisations are defending against attacks today,” reveals Mimecast. The report has also found that 70% of South African organisations believe that cyberattacks would increase over the next two years.

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The modus operandi of these cyberattacks

Nichol says cyber criminals typically find a target or targets within a corporate organisation to carry out damage – financial or system based. Once they’ve identified their targets they employ social engineering tactics to build an online profile on their targets. When they have an understanding of who you are as a target, they start crafting messages, using things that are of interest to you, to try and get you to act.

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How to best protect yourself from cyberattacks

The senior product manager for Awareness Training at Mimecast believes awareness is only a single component in protecting an organisation from cybercriminals. He says, “it’s everyone’s responsibility to keep the company safe”. Some of his tips for individuals include: 

• Scrutinise the deal. If it's too good to be true, know that it probably is. 
• Verify the information given by calling the company mentioned. 
• Report the threat. Raise awareness by sharing the threat with others, so that they too are made aware that it is not true.  

OFM