The absence of cybersecurity measures is hindering the digital vertical growth of the South African economy. A recent report revealed that nearly 90% of African businesses operate without adequate cybersecurity measures, resulting in losses of up to $570 million dollars annually for South African companies.
CAPE TOWN – The trend of the digital economy, which gained momentum with the global pandemic, is facing a threat from the rising number of cybersecurity risks. A recent report identified that 90% of businesses in Africa operate without cybersecurity protocols in place. The report underlined that not only established companies but also startups based in South Africa are affected by this situation, pointing out that South Africa loses out on $570 million dollars annually when cyber security is not taken into consideration.
Abdullah Kaymakci, Regional Channel Sales Manager at DNSSense, explained, “The advent of digitalisation presents great prospects but also exposes us to potential risks. With every industry, ranging from commerce to finance, embracing digitalisation, ensuring robust cyber security measures become ever more critical.”
In 2022, an average of 240,000 malicious domains were identified on a daily basis.
DNSSense, a provider of cloud-based DNS security solutions for enterprises, has transformed data obtained from Cyber-XRay, the largest AI-powered domain database globally, to generate a freely downloadable report on its website. The report revealed that in the second half of 2022, there was an average daily detection of 240,000 malicious domains.
Free download – DNSSense 2022-H2 Global Cyber Domain Report:
Noting that approximately seven out of ten South Africa-based businesses experienced an increase in cyber attacks last year, Abdullah Kaymakci drew attention to the scarcity of proficient professionals as being a major challenge confronting the country. He went on to explain, “In cases where there’s a deficit of skilled workers, the demand for AI-driven cyber security solutions that are more resilient and automation-based is amplified.”
Budgets to increase by 22 percent over the next 3 years.
A promising trend was observed in the data on cyber security budgets in South Africa. Kaymakci, states that enterprises of all sizes plan to increase their financial allocation to cybersecurity by 22% within three years, commenting, “The lack of trust in digital poses a significant obstacle to the digitisation of the economy, impacting both consumers and business owners. The apprehension regarding data security makes CEOs hesitant to adopt digital solutions. Since this reluctance has economic repercussions for the country, investing more in cyber security, specifically, DNS security, which is the initial stage of network security, could help boost the country’s economy.”
“DNS security is the first line of defence for corporate networks.”
Pointing out that choosing the right cyber security tools is critical to ensure investment efficiency in an environment where access to talent is hard to come by, and budgets are limited, Kaymakci said: “Situated at the base of the application layer, the DNS layer underpins many internet protocols such as HTTP, IoT, FTP. This makes DNS the first line of defence for corporate networks. Meaningful investment in DNS security reduces the workload of cybersecurity teams and paves the way for preventing attacks before they even happen.”
Stating that DNSSense serves more than 1 million users in 74 countries with offices in seven countries, including South Africa, Kaymakci concluded: “We have three integrated products focusing on DNS security. DNSEye reduces the cost and effort spent on DNS log analysis, while our DNSDome solution acts as a shield for businesses against attacks from malicious domains. Both products are powered by Cyber-XRay, our AI-powered domain classification tool that includes extended information from the entire web. We urge businesses that are looking to increase their network security investments to explore DNSSense.”
About DNSSense DNSSense is a DNS security service provider that proactively safeguards all network-connected devices against any malicious activity. The company delivers cloud-based services to enterprise clients and deploys its own AI-powered threat database that performs a complete scan of the internet to categorise domains and update itself 24/7. DNSSense’s threat database, which integrates three solutions, is widely used by firewall vendors worldwide, enabling customers to connect to the internet safely. With offices in the UK, USA, Turkiye, South Africa, Australia, Azerbaijan, and Kazakhstan, DNSSense caters to over 1 million unique users in 74 countries. https://www.dnssense.com/