From vulnerabilities to vigilance

Issue 8 2023 Information Security

The world of work experienced a significant transformation in late 2022 with the introduction of generative artificial intelligence (GAI) in the global market. This breakthrough technology has shifted from a mere possibility to a tangible reality. It is unfortunate that cybercrime organisations also embrace these advancements, resulting in drastic changes in attack methods, strategies, and technologies. According to Stephen Osler, Co-Founder and Business Development Director at Nclose, the future of cybercrime is poised to become even more intriguing.


Stephen Osler.

Shift to reputational damage and extortion

“Cryptocurrency is being regulated more, and this will probably put criminal groups under increased pressure,” says Osler. After gaining unauthorised access to sensitive accounts, they will likely steal data and threaten to leak it unless a ransom is paid.

“Encryption is no longer their primary focus as leaked data becomes their bargaining chip. While companies can pay the hackers not to leak the information, there is no guarantee they will keep their word, and once the data is out, it is out. At least when they encrypted the data, you could recover it and remove the threat from your infrastructure. Now your data gets thrown out into the wild without guarantees or protections.”

Ransomware gangs’ use of artificial intelligence (AI) is also a growing concern. AI tools can enhance the sophistication and capabilities of attacks, enabling hackers to orchestrate more effective social engineering attacks. “The existence of AI bots that generate social engineering emails, create fake voice notes, and perform other malicious tasks adds to the complexity of the cyber threat landscape.”

Larger attack surface

With the increasing number of IoT devices, cybercriminals have a larger attack surface to exploit. “This expansion in attack opportunities will probably lead to a rise in cyberattacks targeting vulnerable IoT devices, including smart homes, smart metres, connected cars, and industrial systems,” cautions Osler. These attacks can have various consequences, ranging from data breaches and service interruptions to potential risks to physical safety.

The way forward

“When we look at the future of technology through the lens of cybercrime, it gets pretty concerning because the threats keep evolving and getting more cunning and sophisticated,” says Osler. “This poses a significant risk to organisations and their valuable data.”

Amidst these challenges, those combating cyber threats are not idle. Security organisations are becoming increasingly adept at identifying and mitigating threats. The benefits of their expertise are being passed on to businesses.

“With the right tools, detection methods and security teams in place, companies are well-placed to defend against the ever-changing threats. The future of cybercrime holds both challenges and opportunities. While cybercriminals continue to devise new methods, organisations have the means to adapt and protect themselves. By embracing technological advancements, collaborating with experts, and fostering a proactive security mindset, businesses can navigate the evolving cyber landscape and secure a safer digital future,” Osler concludes.




Share this article:
Share via emailShare via LinkedInPrint this page



Further reading:

Want effective Attack Surface Management? Think like an attacker.
Information Security
Effective ASM requires companies to think like attackers, anticipate risks, and act decisively to reduce exposure by knowing their environment, deploying a structured approach, leveraging capable tools, and addressing both internal and external risks.

Read more...
The growing role of hybrid backup
Infrastructure Information Security
As Africa’s digital economy rapidly grows, businesses across the continent are facing the challenge of securing data in an environment characterised by evolving cyberthreats, unreliable connectivity and diverse regulatory frameworks.

Read more...
POPIA non-compliance puts municipalities at risk
Information Security Government and Parastatal (Industry)
Digital responsibility must go beyond POPIA compliance to recognising that privacy and service delivery are fundamentally linked. Despite this, only 51 out of 257 municipalities submitted their mandatory data protection and access to information reports in 2024.

Read more...
Choicejacking bypasses smartphone charging security
News & Events Information Security
Choicejacking is a new cyberthreat that bypasses smartphone charging security defences to confirm, without the victim’s input or consent, that the victim wishes to connect in data-transfer mode.

Read more...
Most wanted malware
News & Events Information Security
Check Point Software Technologies unveiled its Global Threat Index for June 2025, highlighting a surge in new and evolving threats. Eight African countries are among the most targeted as malware leaders AsyncRAT and FakeUpdates expand.

Read more...
Welcome to the new cyber battleground
Information Security
The Iran-Israel conflict is rapidly redefining modern warfare, pushing the boundaries of cyber capabilities and creating a new, borderless digital battlefield. Fortinet’s CISO, Dr Carl Windsor, offers a critical, in-depth analysis of the escalating tactics and global implications in his latest report.

Read more...
African industries may overestimate cyber defences
Information Security
] A significant perception gap exists in security awareness training: 68% of leaders believe training is tailored to roles, yet only a third of employees feel adequately trained. Many organisations only conduct annual or biannual generic training that may not effectively change behaviour.

Read more...
SMARTpod talks to Sophos and Phishield
SMART Security Solutions Technews Publishing Sophos Videos Information Security News & Events
SMARTpod recently spoke with Pieter Nel, Sales Director for SADC at Sophos, and Sarel Lamprecht, MD at Phishield, about ransomware and their new cyber insurance partnership.

Read more...
Cybersecurity and insurance partnership for sub-Saharan Africa
Sophos News & Events Information Security Security Services & Risk Management
Sophos and Phishield Announce first-of-its-kind cybersecurity and insurance partnership for sub-Saharan Africa. The SMARTpod podcast, discussing the deal and the state of ransomware in South Africa and globally, is now also available.

Read more...
Highest increase in global cyberattacks in two years
Information Security News & Events
Check Point Global Research released new data on Q2 2024 cyber-attack trends, noting a 30% global increase in Q2 2024, with Africa experiencing the highest average weekly per organisation.

Read more...










While every effort has been made to ensure the accuracy of the information contained herein, the publisher and its agents cannot be held responsible for any errors contained, or any loss incurred as a result. Articles published do not necessarily reflect the views of the publishers. The editor reserves the right to alter or cut copy. Articles submitted are deemed to have been cleared for publication. Advertisements and company contact details are published as provided by the advertiser. Technews Publishing (Pty) Ltd cannot be held responsible for the accuracy or veracity of supplied material.




© Technews Publishing (Pty) Ltd. | All Rights Reserved.