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Digital Risk ‘Soldiers’ Will Emerge in 2015

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A new report by the Gartner Inc. showed  that more than half of (global) chief executive officers are willing have a senior “digital” leader role in their staff by the end of 2015.

Factors such as globalization, growth in electronic commerce, increased economic and political turbulence have drastically increased the need for intelligent electronic security and risk management.

Similarly, Gartner said that by 2017, one-third of large enterprises engaging in digital business models and activities will also have a digital risk officer (DRO) role or equivalent.

By 2020, 60 percent of digital businesses will suffer major service failures due to the inability of the IT security team to manage digital risk in new technology and use cases.

The job roles are spurred by the fact IT, operational technology (OT), the Internet of Things (IoT) and physical security technologies will have interdependencies that require a risk-based approach to governance and management.

The digital risk management (DRM) is the next evolution in enterprise risk and security for digital businesses that are expanding the scope of technologies requiring protection.

“Digital risk officers will require a mix of business acumen and understanding with sufficient technical knowledge to assess and make recommendations for appropriately addressing digital business risk,” said Paul Proctor, vice president and distinguished analyst at Gartner. “

Many traditional security officers will change their titles to digital risk and security officers, but without material change in their scope, mandate, and skills they will not fulfill this role in its entirety.”

The mandate and scope of a DRO is very different than a chief information security officer (CISO) and in many organizations the CISO role will continue with similar scope as in 2014.

The DRO will report to a senior executive role outside of IT such as the chief risk officer, chief digital officer or the chief operating officer.

The report also suggested that they will manage risk at an executive level across digital business units working directly with peers in legal, privacy, compliance, digital marketing, digital sales and digital operations.

The IT security role remains relevant and vital.

However, many CISOs will evolve into DROs as they begin to own or form effective partnerships with digital security teams managing other forms of technology.

IT security leaders may continue with their assigned responsibilities that report to the DRO.

As physical security management becomes increasingly digital, this will include the physical security teams as well.

The impact of this new structure of digital risk governance and management on IT and IT security operations is expected to be minimal, particularly in those enterprises that have already appointed a chief risk officer.

However, the potential impact on the culture of IT and IT security teams is major.

IT, OT, IoT and physical security form a new superset of technology that challenges the ability of existing organizational structures, skill sets and tools to consistently and adequately assess, define and manage technology risks. Simply expanding the portfolio of the existing IT security team to include technology risk for all Internet-aware technology is not viable.

New and existing technology managed outside of the IT organization requires skills and tools beyond the competence of the IT security team in its current responsibilities, and the teams currently involved in management of these technologies are culturally distinct from the IT organization.

A consistent, unified approach to digital risk at the enterprise level has the potential to deliver cost efficiencies and greater risk assurance for business processes than the fragmented approach currently in place at most enterprises.

Gartner also said that the development of a digital risk management capability requires deconstruction and re-engineering of current organizational structures and allocations of responsibility as well as the development of new capabilities in security and risk assessment, monitoring, analysis and control.

“By 2019, the new digital risk concept will become the default approach for technology risk management,” said Proctor. “Digital risk officers will influence governance, oversight and decision making related to digital business. This role will explicitly work with non-IT executives in various capacities to better understand digital business risk and facilitate a balance between the need to protect the organization and the need to run the business”.

However, the cultural gap between IT and non-IT decision makers’ presents a significant challenge. Many executives believe technology — and therefore technology-related risk — is a technical problem, handled by technical people, buried in IT.

If this gap is not bridged effectively, technology and consequent business risk will hit inappropriate levels and there will be no visibility or governance process to check this risk,” Procter added.


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E-Business

Cybersecurity Firm Warns of Phishing Threats Targeting Telegram Premium

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Kaspersky has warned that fake Telegram Premium offers have been spreading globally, targeting users with phishing scams and malware disguised as alternative app versions.

These attacks aim to steal account credentials or compromise devices. The scams capitalise on Telegram Premium’s popularity and gifting feature, making it crucial for users to remain vigilant.

Telegram Premium is a subscription that offers exclusive features, such as faster download speeds, voice-to-text conversion, premium stickers, an ad-free experience, and more. Users can gift a subscription, and scammers capitalise on this gifting feature and the Telegram Premium topic in general.

One of the tricks begins when a user receives a message that appears to come from someone in their contact list, whose account may have been hacked. The message claims: “You’ve been sent a gift — a Telegram Premium subscription”.

Below, there’s a link that looks legitimate but actually redirects the user to a phishing page, prompting them to log in to Telegram. If victims scan the code or enter their credentials, their account is immediately compromised, giving scammers access to their login details, password, and potentially their authentication code.

There are other tricks referencing the Telegram Premium theme, and not all of them necessarily start with messages on Telegram. Attackers may also use other methods to send phishing links, for example, email.

For instance, perpetrators host fake “giveaways” for Telegram Premium subscriptions. Victims are lured into participating, and in a series of steps, they are directed to a phishing site where they are prompted to enter their Telegram account credentials, ultimately resulting in their account being compromised.

Another machination involves cybercriminals sending victims an invitation to download a ZIP archive that claims to contain a version of the messenger service with a “Premium” subscription. The download link redirects users to a phishing page where they are once again asked to log in to Telegram.

Yet another fraud involves distributing malicious software disguised as an alternative version of the Telegram app with a “built-in” Premium subscription. Scammers send victims links to download APK files claiming they are modified versions of the app, but they turn out to be malware.

“Phishing schemes capitalising on the Telegram Premium topic has been observed in several languages, suggesting that the perpetrators operate globally. Even if these scams haven’t yet reached a specific region, there is a probability they could eventually make their way there.

Therefore, it’s always important to remain cautious and skeptical of offers that seem too good to be true. Additionally, make sure your Telegram security and privacy settings are up to date, and your device has a robust security solution,” advises Olga Svistunova, security expert at Kaspersky.


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FG to Add Iris Biometrics to Digital ID for more Inclusion

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National Identity Management Commission of Nigeria (NIMC) has said that it is looking at ways of streamlining and expanding the rollout of digital ID in Nigeria and one of the options on the table is adding iris biometrics to its digital ID enrollment.

FG to Add Iris Biometrics to Digital ID for more Inclusion

Iris biometrics is a biometric authentication technology that uses the unique patterns of the iris to identify a person

The hint was dropped recently by Abisoye Coker-Odusote, director general and chief executive officer, NIMC, during a Digital Public Infrastructure (DPI) Journalism Fellowship training which took place in Abuja.

Speaking through a representative, the NIMC boss said this idea is among a litany of innovations which they are planning to introduce to the digital ID system in order to make it more inclusive, The Sun reports.

At the moment, biometric enrollment for the National Identification Number (NIN) in Nigeria involves face and fingerprints.

Adding the iris modality, according to the official, will make it possible for citizens with disabilities to be equally issued the important credential which is necessary to access a wide range of services in the country.

“We are exploring the use of iris recognition technology to cater to the specific needs of individuals with disabilities,” the representative was quoted as saying. Uganda is one other African country which has announced the addition of iris biometrics to its new generation biometric national ID card.

The NIMC CEO said despite the challenges the ID authority faces, its commitment to build an inclusive ID system and expand coverage remain unwavering.

She emphasized the important of the NIN as an essential tool in getting access to several services.

In order to streamline access to services, Odusote said they have been working tirelessly with their partners to enhance interoperability among government agencies to facilitate identity verification.

This, she says, will save Nigerians the stress of having to register many times with government agencies to obtain services.

The innovations envisaged by the NIMC are part of a broader reforms plan which aims to give the ID authority a new legislative framework for more efficient identity management.

It also comes at a time when the World Bank has extended its support for the country’s digital ID program by another two years, with a target to issue 180 million digital IDs by the close of the extension.

The Nigeria ID4D has pledged in the past to create the enabling environment to the issuance of NINs to persons living with disabilities.

A recent investigative report however suggests that many aged and physically challenged citizens in Nigeria go through tough times seeking the NIN.

Some have reportedly had their SIM cards blocked while others have been locked out of their bank accounts for their inability to register for a digital ID.

 

 

 

 

 

 


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Kaspersky Reviews Main Business Headache Related to IT Security

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According to the recent Kaspersky IT Security Economics report, the majority of companies surveyed globally find the loss of productivity, securing complex tech environments, and enabling data protection to be the most concerning business issues, driven by growing IT security needs and requirements.

The Kaspersky IT Security Economics report is released every year to analyse the changes in budgets, breaches and business challenges affecting IT Security decision makers.

This report is compiled from interviews with IT and IT security professionals from organisations of different sizes and industries. The survey was carried out in 27 countries across Europe, the Asia-Pacific region, Latin America, North America, the Middle East, Turkiye and the Africa (META) region, including in Egypt, KSA, Pakistan, South Africa, Turkiye, UAE.

According to the report, downtime and lost productivity are the most concerning business problems caused by ineffective IT security, an opinion expressed by 38% of companies globally and 34% in the META region. They encounter this problem mainly because of the long-time taken to detect and remediate threats.

Data protection is another important concern that was expressed by 33% of companies globally and 34% in the META region.

Respondents were worried about this because they regularly encountered the physical loss of devices by employees and experienced leakage of data from corporate systems caused by both external and internal reasons.

Securing complex technology environments and ensuring data connectivity were also on the list of key concerns, according to 33% of respondents globally and 26% in the META region.

Among the main IT issues that cause this challenge, respondents pointed to the rising number of incidents involving non-computing connected devices and incorrect operations of cybersecurity solutions that leave systems exposed.

Additionally, difficulties in managing security across different computing platforms play a crucial role in their inability to build a reliable all-encompassing cybersecurity system.

“It is crucial for organisations to safeguard every aspect of their operations from potential breaches. Attackers no longer solely rely on zero-day exploits, as a simple click on a malicious link or a vulnerability in a contractor’s infrastructure can lead to devastating consequences.

“This underscores the idea that information security should be based on a comprehensive and systematic approach, rather than being limited to the implementation of individual point-specific measures,” comments Alexey Vovk, Information Security Director at Kaspersky.


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