E-Business
Securing Your Organization Against Ransomware Attacks
Nigerian businesses continue to reap immense gains from deploying contemporary digital technologies in the design and execution of their processes. But these tools aren’t always insulated from potential sabotage. Malicious actors may find vulnerabilities in those technologies, and exploit such weaknesses to wreak havoc on the organizations that use them.
One way that cybercriminals do this is by targeting their victims with ransomware. Over the past decade, cyberattacks involving ransomware have grown in number, and have become more sophisticated. These attacks hit SMEs and large corporations, and even public sector agencies, and costs them tens of millions of naira.
If you are a business or an institution in Nigeria, you should be concerned about ransomware and the damage it could cause you.
Ransomware: A Brief Introduction
Ransomware is a program that blocks access to its victim’s files until the victim pays a ransom. Cybercriminals infect a target’s computer with it, aiming to extort a specific amount of money from that target in return for restored access, in a manner akin to a kidnap-for-ransom.
Typically, the perpetrator would send ransomware disguised as a harmless file to victims. If the target downloads or opens the file, it infects their system. The program may be spread through email attachments, malicious URLs, remote desktop protocol, and even malicious advertising.
Newer ransomware types can self-propagate across a network, potentially infecting every system used in an organization. They are capable of shutting down entire businesses.
Ransomware Attacks Are Fairly Common
Reports on the state of IT and the contemporary business environment reveal that ransomware attacks are fairly common across the globe. Not surprisingly, they are usually concentrated on businesses.
In 2020 alone, there were an estimated 304 million ransomware attacks worldwide. This was up 62% on the previous year. According to the Singapore Computer Emergency Response Team, there was “a seven-fold jump” in the number of reported ransomware incidents in the first half of 2020.
Some of that spike in activity was attributed to cyber criminals trying to exploit lapse IT security during the COVID-19 pandemic; their targets were predominantly remote workforces. However, these incidents have numbered in the hundreds of millions per year since 2016.
Nigerian organizations have been affected. A report by the Sophos Group, a UK-based security software and hardware security firm, revealed that 53% of the Nigerian businesses it surveyed had been victims of ransomware in 2019.
Of the businesses hit, about 38% of them admitted to paying the attackers to regain access to their files. However, the Sophos report indicated that these payments didn’t always result in the victims recovering all their resources.
A Few Well-Known Ransomware Attacks
In 2019 and 2020, many companies worldwide were targeted by ransomware called Ryuk. It is spread via malicious emails that contain dubious links or attachments. If successfully deployed on an organization’s computers, it can request a ransom of more than $300,000. As of January 2021, cybercriminals had reaped more than $150 million from Ryuk.
Three years before this, another ransomware, Petya, began infecting computers in several countries. It denied users access to their Operating Systems and demanded a $300 ransom from them. A later version did not unlock the infected system even after the ransom was paid.
The most infamous ransomware attack to date involved the WannaCry program, which infected more than 200,000 computers in over 150 countries. In May 2017, it spread across the world fairly rapidly, affecting both businesses and public institutions. The global cost of the attack is believed to have exceeded $4 billion.
Since the first known ransomware was created in 1989, several more have been designed and deployed, to devastating effect.
Organizations Incur Significant Costs from Ransomware Attacks
The cost of recovering from a ransomware attack has doubled in the past year. The cumulative global cost was well over $1 billion in 2020 alone.
Sophos says that these incidents cost mid-sized businesses an average of $133,000 annually. Some companies incurred several million dollars in recovery costs. In many cases, this expenditure racks up from multiple incidents.
The most hard-hit sectors included media, IT and telecoms, and energy/oil and gas utilities. The public sector was the least frequently targeted. Regardless, organizations in these domains have spent large amounts of money on damages inflicted by ransomware.
Unfortunately, many SMEs are unable to bear the financial weight of recovery. At least 1 in 5 of these businesses shut down within a year of suffering an attack. Bigger companies are better able to cope, but they too aren’t immune from the burden that such events bring.
How to Protect Your Organization Against Ransomware
The threat of a ransomware attack is ever-present. You will do well to prepare for an attempted strike against you.
Map your assets and note the degrees to which each one is vulnerable to an attack. Work with your IT team to prepare a resilience plan, complete with data backup, business continuity, and recovery strategies.
Also, ensure that the latest Operating Systems patches are applied when they become available, and update critical software as soon as is possible. Carry out penetration tests to determine where the weak points are, and fix them.
Adopt enhanced passwords and multi-factor authentication for staff at your organization. Train them to verify emails and other messages before engaging with them, and not to open websites unless they have a URL that begins with ‘HTTPS’ (Hypertext Transfer Protocol). The last ‘s’ is crucial; it indicates a secure site.
A Partner You Can Trust
Ransomware attacks have grown more sophisticated and precise over time. If you have sensitive data to protect, you will want to work with IT security experts to set up a strong defense for your organization.
Layer3 provides this expertise through its cybersecurity services. With our IT risk vulnerability and management, email authentication, and network access solutions, you can build a strong buffer against various kinds of cyber threats, including ransomware.
To find out more about our IT security offerings, or the other services we provide, you can contact us here.
The need to maximise local digital assets, amid dwindling Oil revenues and a struggling economy, has been reiterated by the Chief Executive Officer of Quomodo Systems Africa, Oluwole Asalu, who maintained this measure remains the path to prosperity.
Asalu, while addressing the press in Lagos, recently asserted that global shift towards digital economies, presents a pivotal opportunity for Nigeria at this time to mobilise sufficient resources towards effective governance.
He emphasised harnessing the burgeoning local digital economy to expedite national diversification goals, while break away from overdependence on oil output.
Asalu, boasted further that Nigeria’s tech-savvy, youthful population and increasing recognition from global tech giants already position its digital sector as a driver of inclusive growth and job creation.
“Nigeria’s overreliance on oil is no longer tenable. As global markets shift towards renewable energy, the urgency to diversify has never been greater. Technology stands out as the most promising avenue, not merely as a sector, but as an enabler of growth across all facets of the economy,” he explained.
According to him, Nigeria’s tech talent remains the new oil, a renewable resource with the potential for significant returns, if strategically harnessed.
Like India’s successes in information technology services, Asalu want Nigeria to tap into lucrative outsourcing industry to draw foreign investment.
“Foreign investment in Nigeria’s tech sector is rising. Programmes like Digital Explorers have led European firms such as Telesoft to establish operations in Nigeria. Tech giants like Microsoft and Facebook have followed suit, injecting capital and creating jobs,” he stated.
He again pointed to the emergence of three unicorns within Nigeria’s tech ecosystem as a breakthrough and sign of maturity.
“Nigeria’s tech ecosystem is already showing signs of maturity, with three unicorns emerging from its soil. These success stories, powered by local innovation, underscore the viability of a home-grown, world-class tech sector,” he affirmed.
He however emphasized urgent need to close existing gap in skills and infrastructure, in addition to embracing governance and collaboration to fully harness digital potential cum future.
Media Rights Agenda (MRA), has unveiled a visual brief emphasizing the critical need for responsible and ethical use of Artificial Intelligence (AI) in journalism, particularly within Nigeria’s evolving media environment.
This is coming ahead of World Press Freedom Day today.
The visual brief, developed under this year’s global theme, “Reporting in the Brave New World – The Impact of Artificial Intelligence on Press Freedom and the Media,” explores the opportunities and dangers AI poses to media freedom in Nigeria and across the world.
In a statement released in Lagos by John Gbadamosi, its programme officer,MRA noted that AI is quickly changing the way news is produced and consumed, adding that it offers powerful tools that can assist journalists in analysing data, translating stories into local languages, and extend the reach of vital information, especially to underserved areas with limited media infrastructure.
Gbadamosi added that AI can help to ensure that essential news and information are also disseminated to local communities.
However, Gbadamosi warned that the same technology is being weaponised to undermine truth and press freedom, saying: “While AI can be used to advance journalism, it can just as easily be exploited to spread disinformation, create deepfakes, and drown out independent voices with algorithmically generated propaganda.”
According to him, “In Nigeria, journalists face threats that go beyond just physical dangers; such threats now also encompass digital, algorithmic, and systemic harms and challenges, which requires media professionals to ensure that AI enhances, rather than undermines, media freedom and that technology is used to promote the truth, not distort it.”
“The visual brief breaks down key concepts like misinformation, disinformation, mal-information, and information overload, which are increasingly shaping Nigeria’s digital media ecosystem. It also raises concerns about AI-enabled surveillance, political manipulation, and the marginalisation of community-based journalists.”
Gbadamosi stated that the visual brief also advocates support for independent media, transparent AI regulations aligned with Nigeria’s context, increased digital literacy, and stronger accountability from tech companies regarding platform content and influence.
He therefore urged all stakeholders to advocate for responsible AI usage and a free, independent, professional and vibrant media environment in Nigeria, stressing that “when media freedom thrives, democracy lives.”
The National Identity Management Commission (NIMC) has raised the fees for all its products and services, including charges related to data modification on the National Identification Number (NIN) database.
In a statement issued in Abuja, Kayode Adegoke, NIMC’s Head of Corporate Communications, announced that the updated service fees are published on the commission’s official website.
Adegoke noted that the new pricing structure for NIMC’s services and products marks the first comprehensive review of its fees in over a decade.
The statement stated that the revised pricing is designed to align with prevailing operational costs and industry standards, while continuing to ensure that services remain accessible and affordable for all Nigerians.
The statement warned its Front-End Partners (FEPs) to comply with the newly approved rates, stating that any failure to do so could attract strict sanctions, including possible license revocation.
“The new structure ensures that the quality and integrity of our services remain uncompromised. We are committed to protecting the interests of Nigerians through fair and transparent pricing,” the statement read.
NIMC urged the public to report any Front-End Partners (FEPs) found charging beyond the approved rates. Reports can be directed to the Commission’s Inspectorate and Enforcement Unit via email at ieu@nimc.gov.ng
It further reaffirmed its commitment to delivering secure and dependable identity services. A complete list of the revised service fees can be accessed on its official website at www.nimc.gov.ng.
In a related development, Abisoye Coker-Odusote, Director General of the National Identity Management Commission (NIMC), expressed sincere appreciation to President Bola Ahmed Tinubu for his unwavering support in enhancing the National Identity Database (NIDB).
She also extended her gratitude to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, and other key partners for their pivotal roles in advancing a sustainable and effective identity management system.
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