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Nigeria and other countries with weak cyber security profiles are threatened by state-sponsored malicious cyber activities amidst the growing geopolitical tensions, that can cast enormous risks.
Nigeria and other countries with weak cyber security profiles are threatened by state-sponsored malicious cyber activities amidst the growing geopolitical tensions that can cast enormous risks.
The Nigerian Communications Commission (NCC) has issued at least six cyber-attack warnings since the beginning of the year on the back of a rising incidence of cyber-attacks, both globally and locally. These are mostly due to software supply chain compromises, alleged attempted theft of sensitive COVID-19 vaccine research, power-supply cut-offs, and the like.
Governments and businesses around the world should be developing new cybersecurity strategies and initiatives. These issues were discussed at the ongoing Cybersecurity Virtual Reporting Tour scheduled for August 29 to September 16. Organised by Foreign Press Centres of the United States, the event is themed, “A Shared Responsibility: Prioritising Public-Private Partnerships in Cybersecurity. The United States set a record for the highest data breaches and other cyber incidents affecting companies, governments, and individuals.
According to the latest data breach report by IBM and the Ponemon Institute, a research center dedicated to privacy, data protection, and ethical research standards, the cost of data breaches in 2021 stood at $4.24 million, which was a 10 percent increase from the average cost recorded in 2019.
In the first quarter of 2022 alone, the number of reported breach incidents increased by 14 percent compared to the same period in 2021, the report said.
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With reference made to Cybersecurity Ventures, it was disclosed that the global average cost of cybercrime peaked at $6 trillion in 2021, driven mostly by ransomware attacks. This could hit US$10.5 trillion by 2025.
