As people all over the world more and more embrace digital platforms, the concentrate on cybersecurity has elevated. For growing economies with weaker safety protocols, going digital means they may continually be inclined to cyberattacks.
Insurance policies just like the European Union’s Basic Information Safety Regulation (GDPR) and the Nationwide Information Safety Regulation (NDPR) of Nigeria’s NITDA have been put in place to guard individuals and organisations from cyber threats, amongst different issues.
In line with a 2019 report by IT providers and consulting agency, Serianu, Africa misplaced an estimated $three.5 billion to cybercrime in 2018, up from $2 billion in 2017.
Of the nations surveyed, Nigeria was the toughest hit with losses of $649 million, adopted by Kenya with $210 million, and Tanzania with $99 million.
The report factors out that these losses have been byproducts of elevated digital adoption and the neglect of vital safety protocols by firms throughout totally different sectors in Africa.
Mr Vipin Chawla, Chief Expertise Officer, Eat’N’Go Restricted; Mr Opeyemi Okesola, Deputy Chief Data Officer, African Alliance Insurance coverage; and Mr Dele Adeyemo, Group IT Supervisor, Dufil Prima Meals Restricted, mentioned this in a panel session in the course of the 2020 Cyber Africa Summit in Lagos.
All panellists unanimously agreed that almost all firms, particularly these in Africa, often spend extra after a safety breach somewhat than earlier than.
Adeyemo of Dufil Prima Meals reveals that cyberattacks are nonetheless thought to be distant from Africa by most firms and within the occasion of an assault, the main points usually are not revealed.
In line with Pratik Roy, Enterprise Group Director, Safety & Fashionable Office, Microsoft, firms solely lately made cybersecurity a precedence and are starting to place technologically superior techniques in place to guard themselves.
Nonetheless, whereas firms put up firewalls to protect in opposition to cyberattacks, Roy believes that extra than simply firewalls and superior processes are wanted to really forestall cyber threats.
People, firewalls and cyberattacks
Between know-how, processes, and people in an organisation, Roy and different panellists selected people to be the weakest hyperlink in any safety system, particularly these with inadequate information of cyber threats and protocols to comply with when utilizing digital units.
Roy believes that whatever the energy of the firewall or the talent of the cybersecurity specialist, cybercriminals can break by way of by concentrating on non-IT people in an organisation which might be unfamiliar with their tips.
In line with KnowBe4’s African Cybersecurity Research Report (PDF), a survey of 800 individuals throughout South Africa, Kenya, Nigeria, Ghana, Egypt, Morocco, Mauritius, and Botswana appears to disclose that many Africans usually are not ready for cyber threats.
From ransomware to phishing to malware and credential theft, KnowBe4 concludes that almost all customers don’t defend themselves adequately as a result of they erroneously suppose they’re knowledgeable, prepared, and ready for such threats.
About 55% of the respondents believed that they might recognise a menace after they see one, and whereas a majority of them expressed considerations concerning the threat of cybercrime, they have been comfy gifting away their private data as soon as they understood what it was getting used for.
Nonetheless, KnowBe4 reveals that phishing scams now use any vital means equivalent to telephone calls and emails from supposed “trusted sources” to get beneficial items of private data.
Cyber threats equivalent to phishing, ransomware, Trojan Viruses, and drive-by downloads are ideas that the common worker in an organisation might not be acquainted with.
In line with Misty Malan, Lead Channel Supervisor for KnowBe4, it is necessary that organisations prepare all their staff, particularly these in non-IT roles, on problems with cybersecurity.
“The information of cyber threats and tips on how to keep away from them ought to not be restricted to only builders or IT professionals since hackers might exploit weak hyperlinks wherever within the organisation,” says Malan.
Microsoft’s Roy insists that organisations can all the time keep a step forward by main with safety first, each time a challenge is being embarked upon.
“Risk notion will preserve altering as cybercriminals proceed to create extra complicated means to launch assaults. It’s then essential that the organisation continually updates its methodology of detecting, figuring out, and responding to cyber threats,” says Roy.
As a precaution, Roy advises firms to acquire cyber insurance coverage in an effort to mitigate the results of cyberattacks, if/after they occur.