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E-Business

Report Says 65 Per Cent of Businesses Faced Cyberattacks in Last 12 Months

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Most cybersecurity landscape data is focused on outsider attacks; however, recent findings reveal that insider threats are becoming more common.

Report Says 65 Per Cent of Businesses Faced Cyberattacks in Last 12 Months

Attacks originating from within the company are much more elusive since standard security practices do not work.

According to data analyzed by Atlas VPN, 65% of organizations suffered from one or more insider attacks in the last 12 months.

Insider threats come from employees or other internal users, such as contractors, that have access to the company’s internal databases.

There are two types of malicious insiders — those with harmful intent and those who are simply negligent.

An online survey of 457 cybersecurity professionals, conducted in June of 2020 by Darktrace, found that 41% of businesses experienced between 1 and 5 insider attacks in the last 12 months.

Moreover, 12% of respondents stated that they saw between 6-10 insider attacks in the last year — another 5% of surveyed professionals encountered from 11 to 20 attacks.

Finally, over 7% of company representatives stated that they experienced more than 20 attacks in the last 12 months.

Compared to last year, businesses dealt with insider attacks more often.

As many as 72% of cybersecurity professionals believe that employee security violations became more frequent in 2020.

Insider attacks are costly

Incidents caused by insider threats are becoming more common, so let’s look at the monetary damages caused by these events.

As a side-note, if the incident does go public, companies’ public image gets hurt, which, in the long-run, can cause even more losses than the immediate incident remediation costs.

Nearly half (49%) of surveyed leaders stated that the remediations after an insider attack cost less than $100 thousand.

Another 30% of respondents expressed that monetary damages caused by a single incident are anywhere between $100 thousand and $500 thousand.

A smaller part of the surveyed experts – 12%, stated that the average cost of remediation after an attack is somewhere between $500 thousand to $1 million.

Finally, 5% of companies reveal that the cost of an attack is around $1 million to $2 million, and 2% state that remediation costs exceed $2 million per successful attack.

One of the most recent and well-known hacking incidents caused by a malicious insider is the Twitter bitcoin scam that happened on July 15th, 2020.

Here, cybercriminals took over multiple high-profile Twitter accounts to promote a Bitcoin scam.

After the incident, Twitter reported that an employee cooperated with cybercriminals to carry out the hack.

This scam appeared in front of 37% of Twitter’s userbase. Luckily, damages only slightly exceeded $110 thousand in Bitcoin, as Twitter deleted those tweets quickly.

Protection from insider threats

Unfortunately, most security practices deployed to protect the company from external attacks fall completely flat when it comes to defending from insider threats.

Outside hackers have to find ways to break through firewalls and other security measures to get into the company’s databases.

On the other hand, many internal users already have access to those databases, so the same safety steps are not applicable.

Here are the steps to reduce security risks from insider threats:

Make sure that employees only have access to data and tools they need to do their jobs. The fewer people have access to a database, the less is the risk that either malicious or negligent employees can expose the data.

Employee training. While this might not help against disgruntled employees, it is the best tool for the company to make sure negligent insiders are educated and security risks are minimized.


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E-Business

Senate Passes Bill to Re-enact NIMC Act

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The Senate has passed a bill, seeking to repeal and re-enact the National Identity Management Commission (NIMC) Act.

Senate Passes Bill to Re-enact NIMC Act

This followed adoption of report of Committee on National Identity Card and Population at plenary on Wednesday.

The report was presented by Senator Victor Umeh (LP-Anambra), chairman of the committee.

Senator Umeh in his presentation said the bill sought to provide for the establishment of a national identity database and the National Identity Management Commission.

According to him,the agency will be charged with responsibilities for maintenance of national database, the registration of individuals and the issuance of identity credentials.

He said the bill would lead to the creation of national identity database to source business biometric and empower NIMC to issue regulations and guidelines for implementation of the act and other related matters.

He said the bill sought to strengthen the legal framework of national and digital identity, hereby creating an optimal foundational identification ecosystem that fosters inclusion, universal coverage, and accessibility.

Senator Umeh said the act would establish a harmonious foundational identity system that is governed by a less restrictive, less cumbersome, non-discriminatory, non-punitive data protection, cost-effective, and compliance with global borders.

Senator Umeh said the bill, when passed into law, would address the challenges and limitations of national Identity management commission Act 2007, repeal it, and then close the gap of incomplete and inaccurate national identity database, provide efficient governance and service delivery.

He said the bill received overwhelming support from stakeholders at the public hearing due to the need to implement the long-awaited database system.

 


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World Bank Expresses Concern over Nigeria’s Poor Data, Statistics Quality

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The World Bank has expressed concern over Nigeria’s poor statistical performance, noting that the country lags behind its aspirational peers such as Mexico, Colombia, South Africa and Brazil.

World Bank Expresses Concern over Nigeria’s Poor Data, Statistics Quality

Mrs. Julie Osagie-Jacobs, director, Information and Public Relations, Ministry of Budget and Economic Planning, stated this in a statement after a courtesy visit to Senator Abubakar Bagudu, minister of Budget and Economic Planning, by a delegation from the World Bank led by Ndiame Diop, country director; and Mr Johan Mistiaen, practice mfor West and Central Africa, on Wednesday.

In his presentation titled “Next Level Statistics to Support Nigeria’s Reform and Growth Agenda,” Mistiaen stated that Nigeria’s statistical system was not on par with those of its developmental counterparts.

He advised that an annual investment of between $10m and $15m in the country’s statistical infrastructure would significantly improve performance and align Nigeria with its peers.

The statement read in part, “Earlier, Mr. Johan Mistiaen in his presentation on the next level statistics to support Nigeria’s reform and growth agenda, observed that the country’s statistical performance was not at par with its aspirational peers as Mexico, Colombia, South Africa and Brazil.

“He suggested that investing about $10-15m annually into the country’s statistical system can raise performance to that of its aspirational peers.”

Responding, Bagudu assured that the Federal Government would continue to guarantee the independence of the National Bureau of Statistics.

He commended the Bureau for consistently releasing credible and methodical data that have been relied upon by reputable international organisations.

The minister stressed that there would be no government interference in the operations of the NBS.


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FG Plans to Link Social Register to NIN for Humanitarian Crisis

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Federal government has disclosed that efforts are ongoing to link the National Social Register (NSR) to the National Identity Numbers (NIN).

FG Plans to Link Social Register to NIN for Humanitarian Crisis

Prof. Nentawe Yilwatda, minister of Humanitarian Affairs and Poverty Reduction, explained that the linked data would assist the country to anticipate crises, mobilize resources faster, and ensure aid reaches those who need it the most.

He said harnessing data would save the country and relevant stakeholders the stress and bottlenecks of outdated processes.

He also identified bureaucratic crisis as the biggest crisis in the humanitarian space which stalls responses to humanitarian issues.

Speaking in Abuja on Tuesday at the National Humanitarian Roundtable programme, the minister said: “People are traumatized by climate change, security threats and economic shock across the country and in the midst of these, we have limited funding.

“The biggest crisis we have is not just the people being killed, the crisis we have is a bureaucratic crisis that does not respond to a humanitarian crisis. Every delay in decision making, every inefficiency in coordination, every shortfall in funding, costs the life of people.

“They say knowledge is power, but knowledge can be destructive too. It can only be power if we use it effectively. By leveraging data and technology, we can anticipate crises; we can mobilize resources faster and ensure aid reaches those who are in need the most and without the bottleneck of outdated processes.

“We are linking the social register to national identity numbers and geotagging all homes of those who are vulnerable across the country so that if there’s any crisis, we don’t need to begin to walk around communities and taking names and asking the States Emergency Management Agency and the National Emergency Management Agency (NEMA) for data.


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