Nigerian CIOs rank data breaches top of security worries

Chief Information Officers (CIOs) In Nigeria say that frequent data breaches rank top on the list of their security concerns, in a new survey.

The majority of the CIOs (72 percent) who responded to the survey, Enterprise Security Trends in Nigeria, conducted by IDC and commissioned by Microsoft, said their organisations have increased the spending on information security by 10 percent or more over the last few years.

21 percent organisations now use a combination of on-premises and cloud solutions. The survey projects that the number in this category will grow to 41 percent over the next two years signifying a growing investment in security along with cloud adoption.

The research shows that the pace of enterprise-wide cloud adoption is rapidly increasing as business leaders look to ensure flexibility, agility, and business continuity throughout their daily operations. Almost half of organizations (41 percent) said they will be using a combination of on-premises and cloud solutions in just two years’ time. Already, six percent of organizations prefer to use the cloud; and this number is expected to grow to eight percent over the next two years. This increased adoption speaks to the confidence companies have in cloud solutions as they prepare to navigate a post-COVID-19 world.

An ever-changing threat landscape

Bad actors, however, have noticed that more data is being processed in the cloud and there’s been a noticeable increase in cyberattacks. In fact, the FBI ranked Nigeria 16th among the countries most affected by cybercrimes in 2020. The impact of the COVID-19 pandemic forced more people to learn, work, shop, bank, and connect online than ever before. More devices, networks, and connection points have resulted in the expansion of the threat surface, bringing the need for a robust security strategy to the fore.

Security remains a major focus for Nigerian organizations with around 61 percent of companies prioritizing endpoint security solutions as endpoints increasingly move beyond the enterprise core. Another 41 percent are implementing VPNs and virtual desktop infrastructure to secure remote workers. In line with the growing threat of phishing and ransomware, half of organizations are deploying identity and access management (IAM) solutions.

Companies also face pressure from government regulators to ensure company, employee and customer data remains protected. The Nigerian Data Protection Regulation (NDPR) was brought into effect in October 2019 to regulate who can access and control personal data and help combat the growing threat of cybercrime. Despite this, just 12 percent of organizations feel they are fully compliant with Nigeria’s data protection regulations.

“There’s no doubt the risk landscape has become more complex, and while cybersecurity solutions have matured a great deal, threat actors are not idling. As organizations continue to pursue their digital transformation journey, security must be considered every step of the way to ensure a safer digital environment for all,” says Ola Williams, Country Manager for Microsoft Nigeria.