Cyber scammers looted R300k from a local entertainment company. Here’s how you can protect your business.

Last week, Goliath and Goliath, a well-known comedy and entertainment agency, revealed that hackers pilfered R300 000 from their company through what is believed to have been a phishing attack. But what is phishing and how can you protect your business?

Phishing is one of the oldest cyber tricks in the book and has been around since the 1990s. It’s still rife today and as social engineering becomes increasingly more sophisticated, so are phishing scams.

Hackers are using increasingly more sophisticated phishing tactics to gain access to sensitive information such as usernames, passwords and credit card details.

The word “phishing” is hacker slang for “fishing” and as the name suggests, scammers “fish” for your sensitive information such as bank account numbers, PINs and passwords. How it works, is that scammers cast a line in the form of an email impersonating a trusted source. The bait is an attachment they want you to open or link they want you to click on and once you do, your data is compromised.

For example, you’ll receive an email that looks as if it’s from your bank, because it features their logo and an official-looking letterhead. The email informs you that your account has been compromised and asks you to click on a link. If you take the bait, you’re directed to a website that looks identical to that of your bank. You enter your credit card number and password to log into your online banking… And just like that the hackers have everything they need to access and make transactions on your account.

The good news is that if you have security systems in place that are keeping up with the latest threats out there, your business will be protected. Ukuvuma Security can fortify your company with cutting-edge threat hunting solutions that continuously scan your entire network for potential threats. They will also arm you with a watertight rapid response strategy in case of a breach.

However, when it comes to scams such as phishing, people are your business’ last line of defence. Even your smartest employee may be duped into downloading a malicious document and that’s why it’s important to educate your workforce. To mobilise your employees and help them spot the latest tricks and tactics, Ukuvuma Security offers staff training. Using red team testing they can also help you to determine who is most vulnerable to falling hook, line and sinker for a phishing scam.

Call Ukuvuman Security on 086 101 7444 or email security@ictsecurity.io for more details on cutting-edge cyber security solutions and services that keep pace with rapidly advancing threats.

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