E-Business
7 Cyber Security Myths that Could Cost Your Business Dearly
Cyber-security is a major threat to every business today. This reality is amplified by our increasingly inter-connected world which makes dependence on digital services an absolute necessity. Despite the increasing global spend on cyber-security, cyber criminals are still having a field day.
In this piece, the Research/Development Unit of Yudala – Nigeria’s fastest growing e-commerce outfit – dissects the myths that prevent businesses and other individuals from taking effective measures to counter imminent cyber-security threats, with attendant huge losses and costs.
Strong passwords keep me protected
This is one of the myths that often leads to a hacking breach. While strong passwords are good, they are more effective when combined with other measures such as a two-factor authentication. This provides a second layer of security for your account(s). Furthermore, strong passwords may expose the user to self-imposed dangers. When passwords become difficult to remember or too complicated, the user may have no choice than to change them too frequently. As a result, you may be forced to write these passwords down since you can no longer memorize them, thereby opening the door to unauthorized access to your account.
My small business is not a target. Only big businesses are at risk
If you think that small businesses are not at risk of cyber-attacks, then think again. According to a recent report by Radware, 98% of organizations experienced cyberattacks in 2016. Small and mid-sized companies with less than 250 employees were the target of a reported 31% of these attacks. Organizations on the lower end of the scale are much more attractive to hackers as it is widely believed that less is being done by these companies to protect their sensitive data. This has manifested in an increasingly popular mode of attack known as Ransomware, where attackers encrypt data taken from the victim and in return for decrypting the data, they ask for an acceptable amount from the victim as ransom. These victims include individuals, small or medium-sized enterprises (SMEs) and large corporates.
The website is HTTPS, so I am secure from attacks
Hyper Text Transfer Protocol Secure (HTTPS) is the secure version of HTTP, the protocol over which data is sent between your browser and the website that you are connected to. The ‘S’ at the end of HTTPS stands for ‘Secure’. It means all communications between your browser and the website are encrypted. While it secures your website at a minimal level, it is important to note that HTTPS does not prevent the hacking of a website, server, or a network. By diminishing Distributed Denial of Services (DDOS) attacks, hackers can force their way into your access controls exposing a website’s availability. Hence, every activity you carry out online must be done with this knowledge at the back of your mind.
Hackers will find nothing worth stealing
Many individuals and small business owners have this mind-set when confronted with news of the global effects of cyber-security. This myth or mind-set is, however, debunked by the potentially costly effects of enduring a breach, whether on a personal or corporate level. On a personal level, every individual has sensitive personal data that we would not wish to fall into the wrong hands. Pictures, video files or other personal information could expose us to grave danger or loss when unauthorized persons gain access to them. And on the corporate level, several small business owners who feel they have nothing worth stealing have had their fingers burned.
Research from Kaspersky Lab notes that a single cyber security incident now costs small and medium businesses (SMBs) an average of $86 500 per incident, mainly through loss of data. This data ranges from information about clients, customer details, bank details or access to your customers’ systems through e-commerce links or via email.
My computer is at risk only when I connect to a network or the internet
In addition to external attacks launched when a device is connected online, internal threats are also a major source of hacks or data breach. Users working inside your firewall with laptops, tablets, USB drives and other removable media that have been exposed to malware represent one of the most common access points for hackers. It is therefore, not surprising that many cyber-security specialists see the USB drive as the biggest hazard to cyber security. One out of every 8 attacks on computers these days, is believed to enter via USB devices.
Firewalls and network security are in place. I can go to sleep
For hackers, the art of circumventing a firewall is not an alien skill. Most hackers find it easy to disrupt codes or capitalize on loop-holes to gain access to your system, so the existence of a firewall is not a sure-fire guarantee of security. While it is clear that most cyber security threats are avoidable, your organization can not rely solely on firewalls for protection. Research also shows that, despite the huge outlay on network security, cyber-attacks are more severe at the application layer of your system infrastructure as network security does not often pose much resistance to cyber- bandits.
Security is assured since my website is externally hosted
Web hosting providers abound in their numbers. The likes of HostGator, Blue Host, Web.com, GoDaddy, DreamHost, InMotion and eHost, among others, have thousands of websites on their client list. As a result, effectively monitoring each site may be a herculean task. A significant majority of all external attacks occur as a result of poorly administered, misconfigured or inadequately managed systems. These loop-holes are easy for any eagle-eyed hacker to take advantage of. Hence, while a host is guaranteed to provide server level security; the major responsibility for managing the security of your website resides with you, the site owner.
National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance synergy between digital identity, payment ecosystems and secure seamless data exchange capabilities for Nigeria.
l-r: Kashifu Inuwa, Director General of NITDA, and Bisoye Coker-Odusote, Director General of NIMC, during the meeting at the NIMC headquarters in Abuja..
NITDA, which made the announcement on its X handle, said that the collaboration was to further strengthen Nigeria’s digital economy in line with President Bola Tinubu’s Renewed Hope Agenda,
During the meeting, Kashifu Inuwa, director general of NITDA, and Bisoye Coker-Odusote, director general of NIMC, with some management staff of both organisations, discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.
This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of public-key infrastructure (PKI) to drive digital transformation in Nigeria.
To ensure a smooth implementation, a 12-man committee was set up.
This committee will play a crucial role in kickstarting and harmonising the initiatives and is expected to deliver a comprehensive implementation report within the next 4 weeks.
Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.
Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.
The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.
Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,
“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.
According to him, the unified data pool will empower intelligence gathering and targeted operations.
He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.
“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’
Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.
“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’
Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.
“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.
“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).
“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.
Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.
According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.
Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.
Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.
Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.
Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.
Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.
“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”
To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.
AMN Activates Starlink Cellular Backhaul Connectivity in Nigeria
Banks Lose N10Bn to Cyber Fraud in 2023’
ARISE News Channel Goes Live in SA, 9 Other Southern African Countries
Tinubu Rejigs SEC Board, Makes New Appointments
Transcorp Power Reports N67.86Bn Revenue
See Full List of Fake Loan Apps Blacklisted By CBN
FIRS Files Tax Evasion Charges against Binance
IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa
AXA Mansard Empowers Female SMEs with Financial, Digital Skills
NGX RegCo, FRCN Unveil Roadmap for SFRS Adoption
Telecom2 days agoImperative of Upholding Nigeria’s Telecoms Lifeline
News3 days agoKaspersky Warns of Data Stealers Hunting for User Credentials
Telecom3 days agoWhat You Need to Know About Multifactor Authentication Fatigue Attacks and How they can be Prevented
E-Financial3 days agoHydrogen, CCHub Partner to Encourage Fintech Startup Success
Telecom3 days agoSamsung Returns to Top of The Smartphone Market – Industry tracker
E-Financial3 days agoCBN Cuts Banks’ Loan-to-Deposit Ratio to 50 Percent
Telecom1 day agoFG Plans EO to Criminalise Fiber Cable Damage Costing Telcos Billions
E-Financial2 days agoAccess Bank Unveils DiamondXtra Season 16, Dangles N200m, 3 SUVs