Recent Cyber Attack on Transnet Serves as a Warning to South African Businesses

• The recent cyberattack on Transnet has acted as a warning of the dangers of cyber attacks on businesses in South Africa and the increasing effectiveness of the attacks
• Ransomware attacks are the most frequent cyberattacks on the rise, acting through malicious software to gain access to a computer or network in order to restrict access until a ransom is paid
• The risks and effects of cyber attacks on businesses can take the form of loss of data, intellectual property and capital with additional risks to a business' reputation

The unexpected breach of the state-owned rail and ports company Transnet is a weary reminder of how cyber security attacks are not only on the rise but are becoming increasingly more efficient dangerous and costly. The firm was forced offline for the course of over a week, leading them to invoke the force majeure clause in its contracts.

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No cybercrime has accelerated quicker and gained more popularity than ransomware attacks. They happen through infiltration by malicious software enters in a computer or network without the consent or knowledge of the owner. The goal is to restrict access to critical data by encrypting files until a ransom is paid.

Cyber attacks can impact a business in multiple different ways, each of which should be monitored and supervised. Loss of data, theft of intellectual property, reputational harm and extreme financial losses are among the many risks and potential dangers of a cyber attack.

The Covid-19 pandemic has not helped the rise of cyber attacks as sectors in crises have become the target of attacks attackers. Evidently, malicious emails have apparently increased by 600% following the beginning of the pandemic, according to TimesLIVE.

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Following reports by Moneyweb, various risk prevention methods exist to protect businesses from cyber attacks, including restricting access to those who are absolutely required to have it, the implementation of tools for constant monitoring and the frequent backing up of data.

Transnet Port Terminals systems hacked, ships bypass South African ports

Previously, Briefly News reported that due to a cyberattack, Transnet Port Terminals had to declare a force majeure to their customers on Monday. The cyberattack has affected Transnet's entire operations.

According to a report by TechCentral, Transnet Port Terminals had previously downplayed the severity of the cyberattack; however, this changed on Monday because the port terminal was unable to carry out its operations.

Transnet Port Terminals issued letters to their customers stating that the cyberattack was sabotage and Ports of Durban, Ngqura, Port Elizabeth and Cape Town container terminals were currently not operating.

Source: Briefly News