Cyber attackers are testing new ransomware on businesses in Africa, Asia, and South America before targeting wealthier countries with stronger security measures. A report by Performanta reveals that hackers have adopted this strategy to infiltrate systems in developing countries before moving on to higher-value targets in North America and Europe. The surge in cyber attacks has nearly doubled since the COVID-19 pandemic, with reported losses climbing to almost $28 billion globally, as per the IMF. This tactic exploits countries with less awareness of cyber security, creating a significant gap in defense that cyber criminals are exploiting.
Key Takeaways
- Cyber attackers target businesses in Africa, Asia, and South America as a testing ground before attacking wealthier countries.
- Rapid digitization and inadequate protection in developing countries have led to an almost doubled cyber attack since COVID-19.
- Reported losses from cyber incidents to businesses worldwide since 2020 have climbed to almost $28 billion.
- Some cyber gangs sell their inventions to less sophisticated hackers in developing countries, resulting in increased cyber activity.
- The speed of digital adoption in Africa is outpacing the development of robust cyber security measures, creating a widening gap for cyber criminals to exploit.
Analysis
The surge in cyber attacks on businesses in Africa, Asia, and South America presents both short-term and long-term consequences. In the short term, these regions will suffer significant financial losses and reputational damage, while cyber attackers gain confidence and expertise. In the long term, wealthier countries will face increasing security threats as attackers refine their tactics in less well-defended regions. The tactic exploits countries with less awareness of cyber security, creating a widening gap for cyber criminals to exploit. Financial institutions, businesses, and government agencies in developing countries are at risk, while the repercussions will likely spread to global business operations and cyber security organizations.
Did You Know?
- Cyber attackers target businesses in Africa, Asia, and South America as a testing ground before attacking wealthier countries.
- Reported losses from cyber incidents to businesses worldwide since 2020 have climbed to almost $28 billion.
- The speed of digital adoption in Africa is outpacing the development of robust cyber security measures, creating a widening gap for cyber criminals to exploit.