Cyber Security and Businesses

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Monday, April 08, 2019 02.30PM / Nifemi Taiyese for Proshare WebTV / Header Image Credit: TVC NEWS

 

As Digital technology continues to shape businesses, economies, industries and even government operations, one major concern is how the globe is positioned to effectively deploy Cyber-Security, to address threats to systems and applications. 

Bloomberg reported that in 2016 Cyber-attacks through hacking brought a huge cost to companies in the United States of America, costing them that year a total of about $109bn. 

The CNBC Business Media also reported that in 2017 14 million American businesses were facing the risk of hacker threats, which re-emphasized the need for Cyber-Security to be entrenched in the operations of government and corporations across the globe. 

At the recent maiden Phillips Consulting CIO breakfast meeting the Deputy Director, Office of the National Security Adviser Mr Felix Nwoshu, Principal Service Delivery Manager, Microsoft stressed the need for Cyber-Security to be given top priority, as businesses in Nigeria embrace digital transformation. 

Nwoshu believed the private sector has a major role to play in understanding the dynamics of digital transformation and the value of Cyber-Security. 

He called on companies to invest more in cyber-security, which will be vital for achieving sustainable operations in a digitized era. 

The Microsoft Official called for a paradigm shift in the area of Cyber-Security in Nigeria, which is key to the survival of companies. 

According to him, companies and individuals face huge risk of losing sensitive information and capital due to activities of hackers.

Citing a recent Mckinsey report, Nwoshu gave some statistics on the impact of Cyber-Threats:

81% of  data breaches involve weak or stolen passwords.

87% of senior managers have accidentally leaked business data 

130 is the average number of security breaches each year

43% of cyber- attacks target small businesses so business should get basic security.

An average data breach cost about $4m

He decried the fact that despite the advent of digital technology, many companies were unprepared in how to respond to Cyber-attacks.

A recent report by the Massachusetts Institute of Technology (“MIT”) identified Six (6) Cyber Threats to worry about in 2018, that are still potent in 2019, namely;

  • More Huge Data breaches
  • Ransomware in the cloud
  • The weaponization of AI
  • Cyber-physical attacks
  • Mining cryptocurrencies
  • Hacking elections


Some of the major companies that have endured recent Cyber-attacks include:

  • Google
  • Facebook,
  • Yahoo,
  • Adobe,
  • Equifax
  • Target
  • Mariott Hotels International

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