Thursday, March 28, 2024

Cyber-crime: World to lose $2 trn in 2019, say experts

Experts in the Information Communication Technology have warned that the activities of hackers will bleed the global economy to the tune of about $2 trillion by 2019.

According to the 2017 International Data Corporation report, about 62 per cent of firms are being attacked every week by hackers.

As malware is becoming more advanced with encrypted ransomware, the stakeholders warned that the impacts of security breach on organisations might include loss of reputation, loss of customers, potential financial liabilities, regulatory notification requirements, and sometimes, litigation instigated by victim-customers.

In Nigeria alone, over 127 billion is lost yearly by mostly business organisations and ministries, departments and agencies of government, translating into 0.08 per cent loss in the country’s yearly Gross Domestic Product.

The President, Cyber Security Experts Association of Nigeria, Mr. Remi Afon, said that the loss was projected to rise by 2019, owing to the rapid digitisation of consumer lives and company records.

To him, breaches like these have steadily been on the rise, as, according to reports, the number of incidents had increased by more than 38 per cent, yearly, since 2015.

“ There was a need for Nigeria to implement the National Cyber Security Strategy and Policy, and ensure effective implementation of the Cybercrime Act 2015, as well as make organisations embrace new solutions,” he said.

One of such security solutions ready to tackle cyber attacks on organisations in Nigeria is Tardigrade, a Nollysoft’s Enterprise Risk Assessment solution.

The Chief Executive Officer, Nollysoft Limited, Mr. Sola Koleowo, explained that the senior management and boards of organisations were often faced with key concerns, such as how protected their organisation was, from internal and external threats; whether the organisation is a direct target for attacks,” among others.

He said, “Tardigrade Cybersecurity Assessment helps organisations identify their risks and determines their cybersecurity preparedness. The assessment solution provides businesses with repeatable and measurable processes to inform senior management of their organisations’ cybersecurity preparedness over time.”

According to him, the ERA solution is based on best practice frameworks set by Federal Financial Institution Examination Council, Information Technology Examination Handbook, National Institute of Standards and Technology, Cybersecurity Framework and International Standard Organisation (ISO 27001) and regulatory guidance.

Koleowo added, “Tardigrade Security Requirement Traceability Matrix solution allows organisations to effectively select security controls from standards and regulations for implementation either as a part of a Secure Software Development Lifecycle or regulatory mandate.”

He explained that the solution currently supports two industry standards: NIST 800-53 R4 and ISO 27001-2013, and two regulations: Sarbanes-Oxley, and Monetary Association of Singapore.

The total cost of ownership of Tardigrade solution is low, as no capital expenditure is needed to acquire the solution. It is a Cloud-based solution and being offered as a
service.

The Executive Vice Chairman, Nigerian Communication Commission, Prof. Umar Danbatta, explained that cyber attacks’ high level of complexity required action at different levels and by different actors, including governments, the private sector, civil society, intergovernmental organisations, and others.

According to him, the current scale and growth of ICT applications transcend all spheres of social and economic boundaries worldwide.

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