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The Eastern Cape’s Small Micro and Medium Business (SMME) sector is operating in a precarious environment due to a lack of cybersecurity regulation, according to WSU lecturer and researcher, Professor Siyabonga Mxunyelwa.
Mxunyelwa recently presented a paper at the Academy of World Business, Marketing and Management Development in Perth, Australia, where he outlined the problems faced by EC SMMEs largely due to cyberthreats.
Principal to SMMEs’ vulnerability to cybercrimes is the lack of governmental regulatory frameworks which address cybercrimes; having little to no resources that curb cybersecurity risks; as well as a lack of awareness in SMMEs themselves about the risks associated with cybersecurity.
Amongst some of the ways in which cybercriminals attack SMMEs, Mxunyelwa mentioned the stealing of business ideas as well as large sums of money, which subsequently leads to the failure of affected businesses.
“In developing nations, the focus has been on increasing connectivity while neglecting the associated security risks. The businesses experience hacking of the systems which leads to compromising company data. This in return causes the businesses to experience ransom demands from the cyber criminals against the company intellectual data,” said Mxunyelwa.
South Africa is unequivocally characterised by unemployment, inequality, and poverty. The lack of cybersecurity exacerbates these challenges as it poses a threat to SMMEs, which are some of the biggest contributors to local and national economies.
Globally South Africa is amongst the leading countries when it comes to cybercrimes and ranks third after Nigeria and Kenya in Africa.
To aid the vulnerable SMMEs, Mxunyelwa suggests a regulatory framework; cybersecurity policies, as well as awareness and education on cybersecurity between government and SMME sector.
“South Africa must have a consolidated national security policy and strategy. A cybersecurity awareness campaign designed in accordance with the proposed toolkit could go a long way in preparing the country to respond to the cybersecurity challenges it is currently facing,” said Mxunyelwa.
Cognisant of the fact that some SMMEs may not have access to protection due to a lack of financial resources, Mxunyelwa said that they could also adopt something he terms the Estonian Approach.
“Estonia’s approach was to establish the Cooperative Cyber Defence Centre of Excellence (CCD COE), a NATO-approved think-tank whose mission essentially is to formulate new strategies for understanding and preventing online attacks. South African government and the small business sector can adopt a similar approach to prevent cyber-attacks which may lead to economic sabotage as a consequence,” he concluded.
By Yanga Ziwele
