Banks Remain High Target of Cyber Attack As Nigeria Loses $649m Annually -Report Says

Banks Remain High Target of Cyber Attack As Nigeria Loses $649m Annually -Report
By ADEJUWON OSUNNUYI

It has been revealed that the banking sector in Nigeria still remains highly vulnerable to Cyber attack as over 81 percent of cyber security incidents in the country are either unreported or unresolved, leaving room for the proliferation of cybercrime activities estimated to have cost the country $649 million in 2017.

This is contained in the 2017 Cyber Security Report launched in Lagos on Monday by Kenya based Serianu Limited in partnership with the United States International University (USIU Africa) and Demadiur Systems Limited.

The report, ‘Demystifying the Africa Cyber Security Poverty Line, disclosed that while the banking sector is the number one target of cyber attack, it is followed by telecoms, education and mobile services.

According to the report which was put together by industry stakeholders such as ATCON, NiRA, INEC, Police, EPPAN and others, while over 90 percent of Nigerian organizations are operating below security poverty line, this in turn, the report says significantly expose them to cyber security risks.

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Presenting the report at the event, which was well attended by stakeholders from various sectors of the Nigerian economy, security agencies as well as the Economic and Financial Crime Commission, the Chairman of Demadiur Systems, Mr. Ikechukwu Nnamani, said over 90 percent of the people affected by cyber bullying ranged from common citizen to media personalities and even government officials.

“Key findings of the 2017 Cyber Security Report show that the cost of cyber crime in Nigeria in 2017 was $649 million, with the banking sector still the most targeted industry in the country,” he said.

L-R: William Makatiani, Ikechukwu Nnamani, Olusola Teniola, Akin Naphtal
L-r: William Makatiani, CEO of Serianu Limited; Ikechukwu Nnamani, Chairman of Demabiur Systems, Olusola Teniola, President of ATCON and Akin Naphtal, CEO of Instint Wave at the launch of the 2017 Cyber Security Report on Monday at the Oriental Hotel in Lagos

A breakdown of the cost shows that Insider Threats is $194 million, representing 30 percent; attack on computer $130million, representing 20 percent; social engineering and identity theft $97million, representing 15 percent; email spam & phishing $78million, representing 12 percent.

Others are data exfitration $65 million, representing 10 percent; online fraud scam $52 million, representing 8 percent and Ramsomeware $33million, representing 5 percent.

The report also finds that Fake News, Insider Threat, Ransomware, Cyber Pyramid Schemes and Phishing are the top trends and issues in the cyber security ecosystem.

The objective of the 2017 Cyber Security Report, is to provide a view of the ever-changing cyber security threat landscape and enable organisations to make researched information risk management decisions.

At the launch, which featured thought provoking panel discussion on the latest developments in cyber security and how to better secure the Nigerian state from cyber attack, stakeholders advocated for a catch them young policy, which they believe will help fill the gap of the lack cyber security certified professionals, which the report puts at 1,800 in Nigeria.

The report covers the countries of Nigeria, Ghana, Kenya, Tanzania, Namibia, Mauritius, Botswana, Lesotho and Uganda. It highlights the latest cyber threats, trends, insights, and other potentially harmful business risks affecting organizations operating in Nigeria and across the Africa continent. It is a comprehensive report draws from a wide range of internal and external security studies research to uncover and explain the top trends that are impacting regional organizations.

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