Cybersecurity crimes are expected to grow 15 percent reaching an annual total of $10.5 trillion by 2025, which is an increase from the yearly total of $3 trillion in 2015.
Globally 40,000 attacks occur per second, 200,000 attacks occur per minute, and 54-57 million attacks occur per day, said Abdul-Hakeem Ajijola, Chair of Nigeria Data Protection Bureau, in the CSCS Cybersecurity conference held in Abuja.
During the conference, Ajijola stated that to reduce these cybersecurity crimes “our data should be encrypted and also mitigating access to our websites.”
However, the government can reduce these cybersecurity attacks by mentoring various agencies responsible for controlling these attacks, Aliyu Aziz, CEO National identity management commission said.
“The most important data has to do with people and that makes it the most critical data, with 85 percent of data breaches involving human interaction,” he said.
Read also: H1: Nigerian biggest banks revenue up by 74% despite Fintech threats
Infrastructure, human resources, and lack of awareness stand as Nigeria’s biggest challenges in information dissemination.
Looking at what organisations can do to reduce cyberattacks, Abubakar Adamu, Nigeria Army cyber warfare, said that Nigeria, being a lawless country, needs to be regulated to determine the pros and cons of the technological environment.
“Identity technology being used in building a cyber resilience team with the organisation, ” he said.
Temi Popoola, CEO of Nigeria stock exchange(NGX) stated that in measuring the return on investment in cyber security, the oganisation should look through how much has been spent on security, as it gives a better sense of the return on investment made.
Similarly, Aziz said there is no Naira or Dollar estimate of what has been channeled to cybersecurity, the more the attacks arise the more it’s been solved.
Every organisation is immune to ransomware attacks, the average retail ransomware attack moved from $50,000 to $200,000 in 2021.
For an organisation to protect itself from ransomware attacks, it must have a strong human impact and should also increase its proactive monitoring of the cyber environment, Jason Kearney, CFO of PG tech solution said during the panel session.
In achieving a balance between cybersecurity and innovation, Haruna Jolo-Waziri, MD/ CEO CSCS Plc stated that getting information sharing, and information dissemination can help curb the infuriating attackers on new innovations.
In addition, CSCS is looking to collaborate with the telcos to solve problems related to the Simcard fraud.
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