Cyber Threats Wreaking Havoc on Enterprises

A consistent bombardment of unknown, targeted, and adaptive cyber threats are wreaking havoc in the enterprise and driving the expansion of Threat Intelligence Security Services (TISS)

Intelligence report showed that the TISS expansions are specifically designed to detect advanced persistent threats (APTs), advanced malware, and previously unidentified attacks.

Businesses and even the government sites in Nigeria are not spared in the worrisome attacks, especially with no cyber protection law to try offenders.

The bulk of knocks and tongue-lashing on the government by IT security experts within and outside the Country might have spurred the office of the National Security Adviser (NSA’s) National Cybersecurity Forum holding June 18 to 19, 2014 at Eko Hotel & Suites, Victoria Island in Lagos.

According to new research from International Data Corporation (IDC), worldwide threat intelligence security services spending will increase from $905.5 million in 2014 to more than $1.4 billion in 2018.

The TISS market is made up of several distinct facets, including data feeds and publications, consulting security services, and managed security services (MSS).

IDC has expanded its definition of the intelligence security services market to include what it calls iterative intelligence.

This iterative process learns from past experiences and mistakes, and incorporates this new knowledge at a more rapid pace, which often results in better long-term solutions.

"Threat intelligence is essentially a community activity," said Christina Richmond, Program director, Security Services at IDC. "Attack information can come from many different sources, and iterative intelligence organizes this chaotic process of information sharing in order to help organizations in making future decisions."

Additional findings from IDC's forecast include that TISS consulting services make up roughly 22% of the 2013 TISS revenue.

Also, iterative intelligence must be available to small and medium-sized businesses as they see increased attacks like wire fraud and intellectual property theft.

Market observers also said that both professional and managed security services will continue to experience strong growth in the threat intelligence arena.

TISS offers customers deeper insights into global threat environments than they could achieve themselves.

Security services firms are creating alliances with universities and accreditation programs to find and develop security personnel.

Toheeb Agboola, chief technical officer, Information Technology Resources and Development Network (ITRDN), spoke to Nigeria CommunicationsWeek on cyber-security experience in Nigeria, presently.

He said, it is no news that Nigeria ranks top among countries with high exposure to cyber threat unlike in the past, the nation has graduated into the eye of the storm.

Agboola said, “Individuals and businesses need to exercise measures and adequate protection strategy and recovery plan while government must as a matter of national importance enforce proper national policy and action plan on protection from cyber threats, aggressions and crimes. I am aware NITDA inaugurated a team sometime ago in April to serve as a watch dog for cyber threat and online aggression against Nigeria and I believe it’s a good start but take note we are behind. So efforts should be able to speed up the process.

“Our exposure to attract cyber attacks is largely due to rising development of internet based transactions and activities as well as increasing broadband availability/internet penetration, implementation of cashless system, growing usage of mobile and smart devices and the fast growth of online ecommerce arena.

As more and more of our daily engagements, social interaction and business transaction continues to depend on online platforms, computers and internet, the risk of increasing cyber threat and warfare has become inevitable at the different levels of our national life and its imperative to institute a three phase model - Plan, Prevent and Protect – in the scheme of our national security plans.

“It is important to state that individuals, businesses and indeed the government are constantly at risk of cyber attacks and should take priority in taken concrete steps to mitigate and prevent such destructive potential before they ever materialize. Although our lackadaisical attitude and assumption that presupposes that we are not potential targets are major storming blocks for getting started on the right track”.

Agboola further warned that any businesses, individuals or government that use, produce, manage or collect important user or business data is at risk of cyber threats and a potential target.

He said every effort should be made to prevent, detect and address cyber issues as they before and while they occur, adding that cyber traitors are no respecters of developed country or developing nations as all are exposed in the global village era.