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4 crucial steps for Small and Medium-sized Enterprises (SMEs) to bolster their cybersecurity defences

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1 year ago

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cybersecurity

As cyber threats escalate, small businesses must act now to protect their digital assets

JOHANNESBURG, South Africa, November 18, 2024/APO Group/ — 

A recent survey (https://apo-opa.co/3UYxSQ5) by cybersecurity firm KnowBe4 (www.KnowBe4.com) has uncovered a concerning gap in security practices between small and large businesses. The study, which polled 2,600 IT professionals, found that 62% of small and medium-sized enterprises (SMEs) do not use multi-factor authentication (MFA), compared to only 38% of large corporations.

This disparity in cybersecurity measures comes as cyber threats are more prevalent than ever. With SMEs increasingly becoming targets for cybercriminals, the need for robust security practices has never been more critical.

“The cost of not implementing cybersecurity measures can be far greater than the cost of implementing it,” warns Anna Collard, SVP Content Strategy & Evangelist at KnowBe4 AFRICA. She emphasises a cyberattack can lead to financial losses, legal fees, loss of customers, and even business closure. “Investing in basic cybersecurity is like investing in insurance—it’s essential to protect your organisation’s future.”

Easy targets

SMEs are increasingly falling victim to cyberattacks because of their perceived vulnerability. “Small companies often have weaker security measures in place compared to larger corporations,” Collard explains. “They might not have dedicated IT staff or the resources to implement robust cybersecurity defences.”

She adds cybercriminals are opportunistic and prefer to go after easy opportunities. “Small businesses might not prioritise cybersecurity, which makes them even more vulnerable. Even non-profit organisations, such as schools and universities, are being targeted.”

Collard cites an example of a small legal firm hit by a ransomware attack. “They had no back-ups of their critical files and their data was held hostage,” she says. “The firm ended up paying a ransom to recover their files, which was extremely costly.”

The damage extends beyond immediate financial losses. “This kind of disruption can harm customer relationships and your reputation,” Collard notes. According to estimates, ransomware attacks can lead to recovery costs that are 10 times higher (https://apo-opa.co/3Zcp0ZG) than the amount demanded by cybercriminals.

To strengthen their defence against cyber threats, SMEs should focus on these four essential strategies:

1. Know your assets and protect them

Investing in basic cybersecurity is like investing in insurance—it’s essential to protect your organisation’s future

“The first thing to do is to create an asset inventory for your organisation,” Collard advises. “You need to understand what information assets are critical to your ongoing operations and how they could be at risk. Understanding the level of risk impacts how to protect them with relevant security software and processes.”

Even though some businesses may baulk at the cost of cybersecurity, she says many measures are low cost or even free. “There is a great privacy and data security toolkit (https://apo-opa.co/4fJ1s4k) targeted at South African SMEs released by the Department of Communications and Digital Technologies and the British High Commission, UK Foreign, Commonwealth & Development Office (FCDO) (https://apo-opa.co/3YLW6OI).” This tool helps with the right approach and provides access to important and cost-effective resources such as anti-malware, patch management and other critical security software solutions for SMEs.

2. Implement MFA

Multi-factor Authentication (MFA) strengthens security by requiring multiple verification methods. “This adds an extra layer of security, making it harder for attackers to gain access to systems and sensitive data,” Collard explains.

Beyond a password, MFA may involve a code from an app, a personal question, or biometric checks like fingerprints. “MFA reduces the risk of account takeovers and data breaches,” she says. “For optimal effectiveness, it should remain user-friendly, while being resistant to phishing attempts.”

3. Do regular back-ups

Another effective cybersecurity strategy is to perform back-ups of your organisation’s files frequently. “All critical data and systems should be backed up regularly and stored securely, preferably off-site or in the cloud,” Collard asserts.

This is essential to ensure your business can continue operating in the case of a cyber-attack. “It was because the legal firm didn’t back up their data that they had to pay the ransom the cybercriminals demanded.”

As well as backing up files, your organisation should regularly update software to ensure vulnerabilities are patched. “It’s also vital to have reliable antivirus software to protect your company from malware and other threats,” she adds.

4. Train your employees

Having staff who are familiar with cybersecurity best practices and use strong passwords is essential, especially given that many companies use remote workers. “Educating employees is a powerful weapon against cybercrime,” states Collard. “It means they are more likely to recognise phishing or other social engineering attempts quickly.”

She gives the example of a small e-commerce business that invested in regular employee training and implemented MFA across all its systems. “When they were targeted in a phishing attack, the employees recognised the threat and reported it, preventing any breach,” she comments. “Their proactive approach to cybersecurity saved them from huge losses.”

By implementing these four strategies, SMEs can significantly improve their cybersecurity posture and protect themselves against the growing threat of cyberattacks. “As the KnowBe4 survey highlights, there’s still much work to be done in bridging the security gap between small and large businesses,” Collard concludes. “However, with the right approach and resources, SMEs can enhance their defences.”

Distributed by APO Group on behalf of KnowBe4.

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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February 6, 2026

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The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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2 days ago

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February 6, 2026

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After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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February 6, 2026

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This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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