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:

Local-first data security is South Africa's new digital fortress
Infrastructure Information Security
With many global conversations taking place about data security and privacy, a distinct and powerful message is emerging from South Africa: the critical importance of a 'local first' approach to data security.

Read more...
Sophos launches advisory services to deliver proactive cybersecurity resilience
Information Security News & Events
Sophos has launched a suite of penetration testing and application security services, designed to identify gaps in organisations’ security programs, which is informed by Sophos X-Ops Threat Intelligence and delivered by world-class experts.

Read more...
Kaspersky highlights biometric and signature risks
Information Security News & Events
AI has elevated phishing into a highly personalised threat. Large language models enable attackers to craft convincing emails, messages and websites that mimic legitimate sources, eliminating grammatical errors that once exposed scams.

Read more...
Software security is a team sport
Information Security Infrastructure
Building and maintaining secure software is not a one-team effort; it requires the collective strength and collaboration of security, engineering, and operations teams.

Read more...
Stronger cloud protection
Kaspersky Information Security Products & Solutions
Kaspersky has announced the release of an enhanced version of its Kaspersky Cloud Workload Security, delivering advanced protection for hybrid and multi-cloud environments.

Read more...
AttackIQ enters South Africa with key appointment
Information Security News & Events
AttackIQ, a provider of continuous security validation and exposure management, has announced its entry into the South African market with the appointment of Luke Cifarelli as its country manager.

Read more...
Managed security solutions for organisations of all sizes
Information Security News & Events
Cyber attackers have become significantly more sophisticated and determined, targeting businesses of all sizes. PwC’s Global Digital Trust Insights Survey 2025 Africa and South Africa highlights the urgent need for organisations to implement robust cyber risk mitigation strategies.

Read more...
Data resilience at VeeamON
Technews Publishing SMART Security Solutions Infrastructure Information Security
SMART Security Solutions attended the VeeamON Tour in Johannesburg in August to learn more about data resilience and Veeam’s initiatives to enhance data protection, both on-site and in the cloud.

Read more...
Troye exposes the Entra ID backup blind spot
Information Security Infrastructure
If you trust Microsoft to protect your identity, think again. Many organisations naively believe that Microsoft’s shared responsibility model covers Microsoft Entra?ID – formerly Azure AD – but it does not.

Read more...
Secure data protection without hardware lock-in
Infrastructure Information Security News & Events
New Veeam Software Appliance empowers IT teams to achieve instant protection with Veeam’s fully preconfigured, software-only appliance, delivering enterprise-ready simplified deployment and operational efficiency, robust cyber resilience.

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.