News
Data Breaches Cause 90% Organisations Commercial Misfortunes- Gemalto
A new study has found that about 90% of organizations that experienced data breaches suffered negative commercial consequences, while 87% of IT decision-makers feel their organization’s perimeter security is effective at keeping out security threats, even as other 30% of IT decision-makers admit their company has fallen victim to a data breach
Gemalto, the world leader in digital security, on Wednesday released the latest findings of the 2015 Data Security Confidence Index (DSCI).
The report reveals a widening gap emerging between the perception and the reality of perimeter security effectiveness amongst global IT decision makers.
The research shows increasing levels of investment in this area of data protection, despite an exponential growth in the number of data breaches.
The number of global data breaches continues to increase – according to Gemalto’s Breach Level Index (BLI), more than 1,500 data breaches led to one billion data records compromised in 2014 alone, a 49% increase in data breaches and a 78% increase in data records stolen or lost compared to 2013.
Despite this the DSCI research shows that almost nine out of ten (87%) IT decision makers feel their organization’s perimeter security systems are effective at keeping out unauthorized users. The study shows that IT decision makers are looking to further increase their investment in perimeter security with 64% looking to do so in the next 12 months.
Interestingly, when thinking of the most recent breaches, the average amount of breached data protected by encryption was below 8%, highlighting the need for a more robust data protection strategy.
Low Confidence in Ability to Prevent Breaches and Unauthorized User Access
Nevertheless, a third (33%) believe unauthorized users are still able to access their networks and a further 34% are not confident in the security of their organization’s data, should a breach occur.
In fact, the DSCI survey reveals that as a result of recent high profile breaches, 71% of organizations have adjusted their security strategy, but are still focused on perimeter security.
Adding to the confusion, nearly three quarters of IT decision makers (72%) stated that their investment in perimeter security has increased over the past five years, though 30% admitted that in the past 12 months their company has been victim to a breach, showing the need to approach security differently.
Although high-profile data breaches have driven over seven in 10 (71%) organizations to adjust their security strategy, more than three in five (62%) respondents are no more confident than they were this time last year in the security industry’s ability to detect and defend against emerging security threats.
“With the number of sophisticated breaches on the rise, relying on perimeter security systems alone is no longer enough. Traditional security staples such as firewalls and anti-virus should be part of a much greater security strategy. IT decision makers need to take into account that if someone is motivated enough they will breach a network, no matter how well it is protected,” said Tsion Gonen, vice president of Strategy for Identity and Data Protection at Gemalto.
Commercial Impacts of Data Breaches
As a result of these attacks, nine out of 10 organizations (90%) suffered negative commercial consequences, including delays in product or service development (31%), decreased employee productivity (30%), decreased customer confidence (28%), and negative press (24%).
This highlights the severe consequences of data breaches, which can be damaging both to an organization’s reputation and bottom line, as well as to customers’ confidence in entire industry sectors.
“Organizations still place too much emphasis on perimeter security, even though it has proven to be ineffective.
“Decision makers should place greater importance on customer data, and look to adopt a ‘secure the breach’ approach that focuses on securing the data after intruders penetrate the perimeter defenses. This means they need to attach security directly to the data itself using multi-factor authentication and data encryption, as well as securely managing encryption keys. That way, if the data is stolen, it is useless to the thief,” added Gonen in the report distributed by APO (African Press Organization) on behalf of Gemalto.
Economic and Financial Crimes Commission (EFCC) has said that it is establishing a 24-hour Cybercrime Rapid Response Desk, which will receive information on cyber-crimes from the public and respond without delay.
The response desk has both local and international phone numbers for contacting the EFCC.
The unveiling was one of the highlights of the National Cybercrime Summit, which was organised by the EFCC with support from the Rule of Law and Anti-Corruption programme, the European Union, and the International Institute for Democracy and Electoral Assistance.
Oluremi Tinubu, Nigeria’s first lady, launched the initiative at the Presidential Villa in Abuja, with the theme: “Alternatives to cyber-crime: optimising cyber skills for national development.”
She noted that the theme of the summit resonated with the current challenges cyber crime posed to Nigeria and the globe.
“Cyber-crime is not a crime against individuals and businesses. It is an assault on our collective integrity, economic stability and the future of our youth,” Tinubu said.
“It is therefore crucial that we address these challenges head on and explore not only the harmful consequences of cyber-crimes but also the sustainable alternatives that can redirect our youths towards productive and positive endeavours.”
Tinubu said with young people accounting for more than 60 percent of Nigeria’s population, the involvement of youths in cyber-crime was a threat to the nation’s quest for economic stability.
Known locally as the “Yahoo Boys”, tertiary graduates struggling to secure formal jobs are reportedly the main perpetrators of these crimes.
The Nigeria Communications Commission (NCC) reports that the West African country loses an estimated $500 million per annum to cyber criminals.
Ola Olukoyede, executive chairman of the EFCC, said: “The menace of cyber-crimes, like most economic and financial crimes, is a burning challenge that we cannot deny, ignore or wish away.”
Federal government has filed a six-count charge against nine defendants over allegations bordering on disseminating false information on the recent rumour about the impeachment of Godswil Akpabio, senate president.
Godswil Akpabio, senate president
The charge, marked: FHC/ABJ/CR/555/2024, was filed at a Federal High Court in Abuja on October 21 by A. A. Yusuf, deputy director of Public Prosecution of the Federation.
The News Agency of Nigeria recalls that the defendants were alleged to have published the false information on October 16 that the Department of State Services laid siege to the National Assembly with a view to effecting Akpabio’s impeachment.
The Federal Government sued the Incorporated Trustee of Order Paper (on whose online platform the false information was allegedly published), Oke Epia (Founder/Publisher and Executive Director of Order Paper), and Tony Okeke Ofodile (Head of Operations) as first to third defendants.
Also joined as fourth and fifth defendants were Edna Bill Ulaeto (Admin/Finance Executive) and Elizabeth Atime (National Assembly lead reporter, author of report).
Others were Regina Udo (Coordinator of Programmes), Leah Twaki (Social Media Executive), Idongesit Joseph Ekoh (Admin Support) and Edoesomi Sharon Omonegho (National Assembly correspondent) as sixth to 9th defendants respectively.
In count one, the prosecution accused the Order Paper (Incorporated Trustee), of Suit C12, Halima Plaza, Plot 1496, Balanga Street, Area 11, Garki, Abuja, through its agents; Oke Epia, Tony Okeke Ofordile, Edna Bill Ulacto, and Elizabeth Atime, and others at large, of publishing a false information via its online platform.
They were said to have on or about October 16 alleged that “the DSS laid siege to the National Assembly over plans to impeach the Senate President, which you knew to be false, thereby committing an offence contrary to Section 24(1)(a) of the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015 and punishable under the same section.”
The defendants and others at large, in count two, were alleged to have intentionally published defamatory statements regarding the DSS and Akpabio on their online platforms.
The case is yet to be assigned to a judge as of the time of filing the report.
News
AfriTECH 4.0 Unveils QNET, Galaxy Backbone, Digital Realty, Hyperspace, Other Sponsors Driving Africa’s Digital Future
The organizers of AfriTECH 4.0 are thrilled to announce the official sponsors of this year’s event, showcasing a lineup of renowned organizations committed to advancing Africa’s digital transformation, with QNET emerging as Gold Sponsors.
Set to take place at Oriential Hotels, Lekki Road, Lagos, Nigeria, on Thursday November-07-2024, AfriTECH 4.0 is Africa’s premier technology and innovation conference, uniting industry leaders, innovators, policymakers, and tech enthusiasts from across the continent.
The theme for AfriTECH 4.0, “Leapfrogging Digital Transformation for Future of Africa’s Economy,” reflects the urgent need to harness technology for sustainable development across the region.
This year’s sponsors include major players in ecommerce (Direct Selling), telecommunications, artificial intelligence/blockchain technology, finance/digital assets, and cybersecurity, each recognized for their contributions to shaping Africa’s digital economy.
Official Sponsors of AfriTECH 4.0:
QNET – GOLD SPONSOR
QNET is a prominent lifestyle and wellness company that uses a direct selling business model to offer a wide selection of exclusive products that enable individuals to embrace a healthier, more balanced life.
Since 1998, QNET’s innovative products and e-commerce-driven business model have helped build a global community of satisfied customers and microentrepreneurs, who are driven by the mission of RYTHM – Raise Yourself To Help Mankind. Popular product brands offered by QNET include the Bernhard H. Mayer range of luxury watches and jewellery, HomePure range of home care products, the Amezcua wellness range, Physio Radiance personal care range, and QVI branded holiday packages.
QNET proudly holds memberships in the Direct Selling Association in several countries, the Hong Kong Health Food Association, the Health Supplements Industry Association of Singapore, and more.
QNET is also active in several global sports sponsorships including in its role as the official direct selling partner of the Manchester City Football Club and the Confederation of African Football (CAF), underscoring its commitment to excellence and global reach. Discover a world of new possibilities with QNET by visiting www.qnet.net.
Galaxy Backbone
Galaxy Backbone was established by the Federal Government of Nigeria to operate a nationwide IP-based network that will provide a common platform for connectivity and other infrastructure services for all Government Ministries, Departments and Agencies (MDAs).
Galaxy Backbone currently owns and operates a 1482Km optical fibre backbone from Abuja across 13 states of the federation, with 19 more states coming. They also own and operate a 375km metro optical fibre network covering Abuja and other parts of the FCT.
As one of the telecommunications services provider in Africa, Galaxy Backbone’s sponsorship underlines the importance of robust connectivity infrastructure in driving digital transformation. GBB will showcase its innovative services and network solutions designed to empower businesses and individuals across Africa.
Digital Realty (Nigeria)
Digital Realty Nigeria is a data center operator that offers colocation, interconnection, and data center solutions. As part of Digital Realty, a global data center provider with over 300 facilities in more than 25 countries, Digital Realty Nigeria offers secure and scalable infrastructure, access to undersea cables, and carriers to connect to Europe and the Mediterranean.
Digital Realty Nigeria has a data center in Lagos, Nigeria, called LOS1, located at 8A Saka Tinubu Street, Victoria Island. Digital Realty Nigeria also has a data center in the Lekki area of Lagos, and plans for a fourth campus in the Ikeja area.
Hyperspace Technologies
Hyperspace Technologies is a Lagos-based web3 startup that offers web solutions, including websites, web applications, branding, marketing, and hosting. The company also has a focus on security, with a patented product called cipherKEY tap2sign MFA that uses blockchain, public/private key cryptography, and NFC (Near Field Communication) technology to protect against identity theft, phishing, and social engineering.
Open Access Data Centres (OADC)
With the development of Africa’s digital economy a significant driving force for the continent’s economic growth, the launch of Open Access Data Centres (OADC) represents a major milestone for Africa: a US$500 million-plus, multi-year investment programme that will strengthen key elements of the continent’s digital infrastructure.
OADC has made a significant impact on the market in terms of its rapid speed in building a network of data centres and flexible client solutions. Learn more about OADC at AfriTECh 4.0.
Honourable Mentions: Several other sponsors, including leading tech startups and industry associations, are contributing to the success of AfriTECH 4.0, ensuring the event delivers on its promise to be a dynamic platform for networking, collaboration, and thought leadership.
They include, Digital Encode Limited, Tecom, Northsnow, Internet Exchange Point of Nigeria (IXPN), AfriGoPay Financial Services Limited, Cyberchain, Lagos Blockchain Week, InnovationBed Africa, amongst others.
AfriTECH 4.0 will feature keynote speeches, interactive panel discussions, workshops, and exhibitions, focusing on emerging technologies like artificial intelligence (AI), blockchain, fintech, cybersecurity, and digital infrastructure. This year’s sponsors will take center stage to share their insights and offer practical solutions to the challenges facing Africa’s digital economy.
Speaking on the sponsorships, Chike Onwuegbuchi, co-convener, and AfriTECH 4.0 Organizing Committee Chairman, said:
“We are excited to have such a strong group of sponsors onboard for AfriTECH 4.0. These organizations are not only leaders in their respective fields but also catalysts for change in Africa’s digital ecosystem. Their support underscores the importance of collaboration in shaping Africa’s digital future.”
AfriTECH 4.0 is expected to draw hundreds of attendees, including government representatives, business executives, technology experts, and innovators from across the continent and beyond. With the support of its sponsors, AfriTECH 4.0 is set to be a landmark event, driving conversations and initiatives that will propel Africa’s digital economy to new heights.
For more information about AfriTECH 4.0, including sponsorship opportunities, visit the website: https://africatechallianceforum.africa/.
Participation is free, but you are required to register via the link here: https://bit.ly/3ZPdi88.
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