Connect with us

E-Business

Curbing N127bn Cybersecurity Annual Losses via Tardigrade’s ERA Roadmap

Published

on

With cyber attacks on the rise, organisations across the globe are contending with loss of reputation, loss of customers, potential financial liabilities, regulatory notification requirements and sometimes, litigation. To address this menace, however, Tardigrade, a Nollysoft’s Enterprise Risk Assessment (ERA) solution, has been identified by experts as a veritable roadmap that would provide the better understanding of the cybersecurity space and a good grasp of the internal control mechanisms to organisations towards cyber threats.

The greatest war that countries in the 21st Century currently face and which they must prepare to win headlong to actively participate in the global economy largely driven by the Internet is cyber warfare.

As such, the need for organisations to deploy a security solution that helps to identify factors contributing to and determining the organisation’s overall cyber risk; assess the organisation’s cybersecurity preparedness; evaluate whether the organisation’s cybersecurity preparedness is aligned with its risks; determine risk management practices and controls that are needed or need enhancement and actions to be taken to achieve the desired state and offers informed risk management strategies to organisations cannot be under-estimated.

Indeed, local and regional authorities, professional IT associations and various reports home and abroad have raised the sentiments around the danger posed by cyber threats and the need for each organisation to get its IT infrastructure weaponised through effective internal controls and security solutions.

Rising wave of concerns

For instance, the telecoms industry regulator in Nigeria, the Nigerian Communications Commission, has noted that cybersecurity has become an essential component of the human activity. This was the position of the Executive Vice Chairman of the Commission, Prof. Umar Danbatta, at a cybersecurity forum in Lagos,where he noted that cyber attacks’ high level of complexity requires action at different levels (both virtual and physical) and by different actors, including governments, private sector, civil society, intergovernmental organisations, among others.

According to him, the current scale and growth of ICT applications transcend all spheres of social and economic boundaries worldwide. “Whether it is broadcasting (digital TV) or social networking, e-Commerce (mobile banking and financial services), e-Governance (government services management, e-education, e-health, e-taxation, e-commerce), governments, institutions and the society, in general, are increasingly embracing these technologies and at the same time becoming exposed to vulnerabilities of cyber-attacks,” he said.

He, therefore, strongly advocated that technical measures such as theNollysoft’s Enterprise Risk Assessment (ERA) solution and appropriate legal instruments must be put in place to enhance the resilience of cybersecurity infrastructure and safeguard cyber technologies users.

In the same vein, Secretary-General of the Commonwealth Telecommunications Organisation (CTO), Mr. Shola Taylor, has also raised serious concerns about the dangers of cyber attacks and the need for a synergy by stakeholders to mitigate and, if possible, prevent their potential risks on organisations IT infrastructure.

According to Taylor, “Cyberspace contributes significantly to achieving countries’ national development goals, and so international organisations, national security services, operators, intelligence and data protection agencies, as well as citizens all, have a role to play in making cyberspace safer and more resilient,” he said, while sharing the CTO’s experience in developing national cybersecurity strategies for Commonwealth member countries as well as other countries, including Senegal last year.

Potential risks, exposures and losses

In Nigeria, over N127 billion is lost annually by mostly business organisations and ministries, departments and agencies (MDAs) of government, translating to 0.08 percent loss in the `country’s annual Gross Domestic Product (GDP), according to the country’s Minister of Communications, Adebayo Shittu.

Also,62 percent of firms are being attacked weekly, according to a 2017International Data Corporation (IDC) InfoBriefsponsored by Splunk. In the report, it was noted that with malware becoming more advanced with encrypted ransomware, the security breach impacts on organisations may include loss of reputation, loss of customers, potential financial liabilities, regulatory notification requirements and sometimes litigation instigated by victim customers.

President, Cyber Secure Conference organised by the Cyber Security Experts Association of Nigeria (CSEAN), Mr. RemiAfon quoted another statistics, which puts the cost of cyber-crime globally at $700 billion per year.He said the loss is projected to rise to about $2 trillion by 2019, due to the rapid digitisation of consumer lives and company records. Breaches like these have steadily been on the rise as according to reports, the number of incidents has increased by more 38 percent annually since 2015.

According to U.S. State of Cybercrime survey, Ponemon Institute, and Juniper research, cybersecurity events and costs are increasing, data breaches are expected to reach $2.1 trillion globally by 2019.

Thus, Afon argues that there is a need for Nigeria to implement the National Cyber Security Strategy and Policy and ensure effective implementation of the Cybercrime Act 2015 as well making organisations embrace newest solution. One of such security solutions ready to tackle cyber attacks on organisations in the country is Tardigrade, a Nollysoft’s Enterprise Risk Assessment (ERA) solution.

This is instructive as industry experts have said organisations in Nigeria are in dire need of cyber experts that could help secure the cyberspace and one of the ways to boost protection is to embrace and deploy innovative solutions offered by security company/experts.

Continue Reading
Advertisement
Comments

E-Business

Nigerian Army Cyber Warfare Command to Battle Cyber-Attack, Terrorism

Published

on

Lt.-Gen Tukur Buratai, chief of Army Staff, has inaugurated the Nigerian Army Cyber Warfare Command, a new corps to protect its data/network against cyber-attack and curb terrorism.

 

He also launched an app that Nigerian citizens can download to pass information to the military authorities.

 

Buratai said the Cyber Operations Centre, at the army headquarters in Abuja, would also boost the army’s online presence in the fight against fake news targeted at it with counter narratives and cyber operations.

 

He added that “cyber warfare is the fifth domain of warfare after Land, Sea, Air and Space. Therefore, this project would not have come at a better time than now.”

 

Buratai, therefore, stressed the need for the army to embark on data protection and Information Warfare to curb online radicalisation, as well as other terrorist activities perpetrated on the internet.

 

 

According to him, the intrinsic features of cyberspace can be easily exploited for information warfare by actors with malicious intent to plant and disseminate fake news and instruct paid users to spread online manipulated content.

 

“This is done to degrade debates with diverging truths, deceive, distract and misinform public opinion.

 

“This can eventually disorient and corroborate a sense of doubt among the public, or shape the opinion of a specific target audience on a certain issue.

 

“Hostile actors in cyberspace are also willing and capable of leveraging the variety of tools allowed by computer network operations and computational propaganda to influence public opinion to a degree that old-fashioned Psychology Operations could only dream of.

 

“The above statement accurately demonstrates the real threat of information warfare and the need to combat it with information knowledge.”

 

The army chief charged personnel of the new corps which he said was first in Africa, to equip themselves with digital forensics capabilities to be able to handle cases of identity theft and generate immediate incidence response.

army Nigeria.jpg

He added that “furthermore, I encourage you to routinely survey the dark web/darknet and carry out analysis that may help the Nigerian army to be proactive in the cyber realm.”

 

Buratai noted that in recent times, the military had been inundated with several complaints regarding claims bothering on the unprofessional conducts of some of its personnel in the field.

 

Consequently, he said, the army took it upon itself to create an avenue for the public to submit complaints and information directly to the appropriate authority without third party interference.

 

He said “the avenue is an application that will allow users to relay information anonymously to the Nigerian Army.

 

“It enables citizens to give timely information to the army, thereby facilitating quick response.

 

“Additionally, crimes against the constitution perpetrated by serving personnel can be directly reported to the army, while keeping the person involved abreast with actions taken as regards a submitted complain.

 

“The link to the application will be publicly available on the Nigerian Army Facebook page, while the application can be assessed through our website and on apps freely available on various app stores.”

 

The chief of army staff added that users could submit a report, as well as attach uploads that would aid the authority in carrying out necessary actions.

Continue Reading

E-Business

Fewer Data Breaches in First Half of 2018, but Far More Records Stolen – Report

Published

on

Digital security provider Gemalto has released the latest findings of the Breach Level Index, a global database of public data breaches.

According to a press release, 945 data breaches resulted in 4.5 billion data records compromised worldwide in the first half of 2018. This represents an increase of 133 percent in the number of records stolen compared with the same period in 2017.

During the first six months of 2018, more than 25 million records were compromised or exposed every day. Only 1 percent of stolen, lost or compromised records were encrypted, a 1.5 percent decline in encrypted records year over year.

Six social media breaches — including the Cambridge Analytica-Facebook incident — accounted for more than 56 percent of records compromised.

Almost 15 billion data records have been exposed since 2013, when the Breach Level Index began benchmarking publicly disclosed data breaches, according to the release.

North America still makes up the largest percentage of breaches and compromised records, at 59 and 72 percent, respectively. The United States is the most popular target for attacks, accounting for more than 57 percent of global breaches and 72 percent of all records stolen.

Europe saw 36 percent fewer incidents but a 28 percent increase in the number of records breached, indicating growing severity of attacks. The United Kingdom remains the most breached country in the region.

Continue Reading

E-Business

Stakeholders Worry as MDAs Plans to Import Software

Published

on

Nigerian Information and Communications Technology (ICT) sector has continued to grow beyond bookmakers’ predictions.

 

However, despite the high number of ICT professionals in Nigeria, adequate attention has not been given to the issue of developing and building local contents.

 

Recently, it was reported that some ministries will be spending a significant part of their budget on the importation of foreign software.

 

This is amidst concerns over wastage and penchant for technology importation of locally available technologies.

 

Worried stakeholders in the sector have urged the federal government to do everything in its powers to support local content in ICT.

 

Chris Uwaje, Director General, Delta State Innovation Hub, called on federal government to create national strategy on software development as well create a park where people can work and come out with productive output.

 

He noted that Nigerian technology space is underfunded and unprotected and thereby urged the government to ensure that 10% of its national budget is earmarked for the development of ICT sector in the country.

 

He explained that local content development is a topical issue in the country, stressing that local content is when a product is developed in Nigeria by Nigerians or anywhere else in the world but the product does not require foreign remittance.

 

Uwaje, commended Systemspecs for developing Treasury Single Account for the federal government, noting that they deserve national merit award for harmonizing government accounts into one.

 

He also called on government to build knowledge labs in our schools to ensure bottom up growth for our children in ICT development.

 

Nodding in agreement, Dr Isa Ali Ibrahim Pantami, director general, National Information Technology Development Agency (NITDA), assured stakeholders at a recent event that his agency will encourage local software.

 

“I assure you that NITDA will do all it can within its powers to ensure no single kobo of the Federal Government will be spent on acquiring technology that local and capable alternatives exist.

 

“We have charged our local content office (ONC) to continue to be vigilant in surveillance and to be agile in driving enforcement of the Guidelines for Nigerian Content Development in ICT.

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.