Cybercrime set to spike in the wake of Ukrainian conflict

Issue 1 2022 Security Services & Risk Management

The financial pressure on Russia as a result of global sanctions following the military conflict in Ukraine is increasing to the point where cybercrime is now seen as a viable alternative to conventional revenue sources.

Deon Smal.

This is according to Deon Smal, CEO of Cyber Insight, a Cape-based cybersecurity assessment firm. He says that with the collapse of the Russian rouble, the closure of the Moscow stock exchange and the freeze on Russian assets in the West, cybercriminals have been motivated to launch broad-ranging cyber attacks on a global scale in bids to obtain cryptocurrency.

“Russia has always been tolerant of cybercriminals and has had little interest in cooperating with other countries to curb cybercrime,” he says. “Now it is open season for Russian hackers who see phishing scams, zero-day exploits and ransomware attacks as profitable and low-risk.”

Smal warns that the number of cyberattacks will increase exponentially – even if hostilities cease – as hackers spread their nets and add large numbers of smaller organisations to their most popular targets which include financial institutions, major manufacturing firms and energy companies.

“Cybercriminals are presently raising their game. The increasing use of sophisticated artificial intelligence tools to improve cryptocurrency returns on ransomware attacks represents a wake-up call for all organisations and their financial managers who should recognise the increasing risks of doing business on global networks,” he says.

“By ensuring that their software is updated, sensitive data is encrypted, backup procedures are followed and multi-factor authentication is adopted, companies can minimise vulnerabilities, harden defences and present themselves as less-attractive targets, prompting the hackers to choose softer options elsewhere”.

Share this article:
Share via emailShare via LinkedInPrint this page

Further reading:

Natural catastrophes and fire risks top concerns
Security Services & Risk Management Asset Management Residential Estate (Industry)
Natural disasters are the highest risk in the real estate industry, followed by fire and explosions, and then business interruption. Estates must prioritise risk management and take proactive measures to safeguard their assets, employees, and reputation.

Building a solid foundation
Alwinco Security Services & Risk Management Asset Management Residential Estate (Industry)
Understanding the roles of a Risk Assessor and a Risk Manager is like building a solid and secure foundation in the security world. Andre Mundell makes it easy to understand.

Using KPIs to measure smart city progress
Axis Communications SA Residential Estate (Industry) Integrated Solutions Security Services & Risk Management
United 4 Smart Sustainable Cities is a United Nations Initiative that encourages the use of information and communication technology (including security technology) to support a smooth transition to smart cities.

Enhancing estate security, the five-layer approach
Fang Fences & Guards Residential Estate (Industry) Integrated Solutions Security Services & Risk Management
Residential estates are designed to provide a serene and secure living environment enclosed within gated communities, offering residents peace of mind and an elevated standard of living.

Local manufacturing is still on the rise
Hissco Editor's Choice News & Events Security Services & Risk Management
HISSCO International, Africa's largest manufacturer of security X-ray products, has recently secured a multi-continental contract to supply over 55 baggage X-ray screening systems in 10 countries.

Detecting humans within vehicles without opening the doors
Flow Systems News & Events Security Services & Risk Management
Flow Systems has introduced its new product, which detects humans trying to hide within a vehicle, truck, or container. Vehicles will be searched once they have stopped before one of Flow Systems' access control boom barriers.

A standards-based, app approach to risk assessments
Security Services & Risk Management News & Events
[Sponsored] Risk-IO is web-based and designed to consolidate and guide risk managers through the whole risk process. In this article, SMART Security Solutions asks Zulu Consulting to tell us more about Risk-IO and how it came to be.

Cybercriminals embracing AI
Information Security Security Services & Risk Management
Organisations of all sizes are exploring how artificial intelligence (AI) and generative AI, in particular, can benefit their businesses. While they are still figuring out how best to use AI, cybercriminals have fully embraced it.

Integrate digital solutions to reduce carbon footprint
Facilities & Building Management Security Services & Risk Management
As increasing emphasis is placed on the global drive towards net zero carbon emissions, virtually every industry is being challenged to lower its carbon footprint and adopt sustainable practices.

Visualise and mitigate cyber risks
Security Services & Risk Management
SecurityHQ announced its risk and incident management capabilities for the SHQ response platform. The SHQ Response Platform acts as the emergency room, and the risk centre provides the wellness hub for all cyber security monitoring and actions.